<SEC-DOCUMENT>0001140361-21-026939.txt : 20210804
<SEC-HEADER>0001140361-21-026939.hdr.sgml : 20210804
<ACCEPTANCE-DATETIME>20210804172653
ACCESSION NUMBER:		0001140361-21-026939
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210804
DATE AS OF CHANGE:		20210804

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRUNSWICK CORP
		CENTRAL INDEX KEY:			0000014930
		STANDARD INDUSTRIAL CLASSIFICATION:	ENGINES & TURBINES [3510]
		IRS NUMBER:				360848180
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-258249
		FILM NUMBER:		211145253

	BUSINESS ADDRESS:	
		STREET 1:		26125 N. RIVERWOODS BLVD. SUITE 500
		CITY:			METTAWA
		STATE:			IL
		ZIP:			60045-3420
		BUSINESS PHONE:		8477354700

	MAIL ADDRESS:	
		STREET 1:		26125 N. RIVERWOODS BLVD. SUITE 500
		CITY:			METTAWA
		STATE:			IL
		ZIP:			60045-3420

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRUNSWICK BALKE COLLENDER CO
		DATE OF NAME CHANGE:	19660919

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRUNSWICK CORP
		CENTRAL INDEX KEY:			0000014930
		STANDARD INDUSTRIAL CLASSIFICATION:	ENGINES & TURBINES [3510]
		IRS NUMBER:				360848180
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		26125 N. RIVERWOODS BLVD. SUITE 500
		CITY:			METTAWA
		STATE:			IL
		ZIP:			60045-3420
		BUSINESS PHONE:		8477354700

	MAIL ADDRESS:	
		STREET 1:		26125 N. RIVERWOODS BLVD. SUITE 500
		CITY:			METTAWA
		STATE:			IL
		ZIP:			60045-3420

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRUNSWICK BALKE COLLENDER CO
		DATE OF NAME CHANGE:	19660919
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>ny20000122x8_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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    <div style="text-align: right; font-weight: bold;"> <br>
    </div>
    <div style="text-align: right; font-weight: bold;">Filed Pursuant to Rule 433</div>
    <div style="text-align: right; font-weight: bold;">Registration Statement No. 333-258249</div>
    <div style="text-align: right; font-weight: bold;">Pricing Term Sheet</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">BRUNSWICK CORPORATION</div>
    <div><br>
    </div>
    <div style="text-align: center;"><u>Pricing Term Sheet</u></div>
    <div><br>
    </div>
    <div style="text-align: center;">$450,000,000 0.850% Notes due 2024</div>
    <div style="text-align: center;">$550,000,000 2.400% Notes due 2031</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">0.850% Notes due 2024</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf66f7caf29f94414b1570347767f51bb" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Issuer:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>Brunswick Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Security Type:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>Senior Unsecured Notes</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Format:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>SEC Registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Title:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>0.850% Notes due 2024 (the &#8220;2024 Notes&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Size:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>$450,000,000<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Maturity:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>August 18, 2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Coupon:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>0.850%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Price to Public:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>99.882% of face amount</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Benchmark Treasury:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>0.375% due July 15, 2024<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Benchmark Treasury Price / Yield:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>100-03 1/4 / 0.340%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>+55 basis points</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Yield to Maturity:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>0.890%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Expected Ratings (Moody&#8217;s / S&amp;P / Fitch)*:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>Baa2 / BBB- / BBB</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Pricing Date:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>August 4, 2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Interest Payment Dates:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>February 18 and August 18,<br>
              commencing February 18, 2022<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Settlement Date**:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>T+10; August 18, 2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Optional Redemption:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>The 2024 Notes are not redeemable prior to August 18, 2022. On or after August 18, 2022, the Issuer may, at its option, redeem the 2024 Notes, in whole or in part at any time and from time to time, at a redemption price equal to 100% of
              the principal amount thereof, plus accrued and unpaid interest to, but not including, the redemption date.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Special Mandatory Redemption:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>If (i) the consummation of the Acquisition does not occur prior to 11:59 p.m., New York City time, on December 23, 2021, (ii) the Issuer notifies the Trustee and the holders of the 2024 Notes that it will not pursue the consummation of the
              Acquisition or (iii) the Purchase Agreement has been terminated without the consummation of the Acquisition, then the Issuer will be required to redeem all of the 2024 Notes then outstanding on the date of the special mandatory redemption at
              a redemption price equal to 101% of the principal amount of the 2024 Notes, plus accrued and unpaid interest to, but not including, the redemption date.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Day Count:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>30 / 360</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">CUSIP / ISIN:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>117043 AS8 / US117043AS82</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Denominations:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>$2,000 and integral multiples of $1,000 in excess thereof</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Joint Book-Running Managers:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>J.P. Morgan Securities LLC</div>
            <div>BofA Securities, Inc.</div>
            <div>Wells Fargo Securities, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Senior Co-Managers:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>U.S. Bancorp Investments, Inc.</div>
            <div>Citizens Capital Markets, Inc.</div>
            <div>Truist Securities, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Co-Managers:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>BMO Capital Markets Corp.</div>
            <div>Citigroup Global Markets Inc.</div>
            <div>KBC Securities USA LLC</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">2.400% Notes due 2031</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z43457b8221ad44e6acd4b63eb7657d84" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Issuer:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>Brunswick Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Security Type:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>Senior Unsecured Notes</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Format:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>SEC Registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Title:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>2.400% Notes due 2031 (the &#8220;2031 Notes&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Size:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>$550,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Maturity:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>August 18, 2031</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Coupon:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>2.400%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Price to Public:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>99.744% of face amount</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Benchmark Treasury:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>1.625% due May 15, 2031<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Benchmark Treasury Price / Yield:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>104-03+ / 1.179%<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>+125 basis points</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Yield to Maturity:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>2.429%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Expected Ratings (Moody&#8217;s / S&amp;P / Fitch)*:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>Baa2 / BBB- / BBB</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Pricing Date:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>August 4, 2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Interest Payment Dates:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>February 18 and August 18,<br>
              commencing February 18, 2022</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Settlement Date**:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>T+10; August 18, 2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Optional Redemption:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>The 2031 Notes will be redeemable at the option of the Issuer, in whole or in part, at any time and from time to time prior to maturity.&#160; If the Issuer elects to redeem the 2031 Notes (A) at any time prior to May 18, 2031, it will pay a
              redemption price equal to the greater of (i) 100% of the principal amount or (ii) a &#8220;make-whole&#8221; amount calculated at the applicable treasury rate plus 20 basis points, plus, in each case, any accrued and unpaid interest to, but not
              including, the redemption date, and (B) at any time on or after May 18, 2031, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the redemption date.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Special Mandatory Redemption:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>If (i) the consummation of the Acquisition does not occur prior to 11:59 p.m., New York City time, on December 23, 2021, (ii) the Issuer notifies the Trustee and the holders of the 2031 Notes that it will not pursue the consummation of the
              Acquisition or (iii) the Purchase Agreement has been terminated without the consummation of the Acquisition, then the Issuer will be required to redeem all of the 2031 Notes then outstanding on the date of the special mandatory redemption at
              a redemption price equal to 101% of the principal amount of the 2031 Notes, plus accrued and unpaid interest to, but not including, the redemption date.</div>
          </td>
        </tr>

    </table>
    <div><br>
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        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Day Count:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>30 / 360</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">CUSIP / ISIN:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>117043 AT6 / US117043AT65</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Denominations:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>$2,000 and integral multiples of $1,000 in excess thereof</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Joint Book-Running Managers:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>J.P. Morgan Securities LLC</div>
            <div>BofA Securities, Inc.</div>
            <div>Wells Fargo Securities, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Senior Co-Managers:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>U.S. Bancorp Investments, Inc.</div>
            <div>Citizens Capital Markets, Inc.</div>
            <div>Truist Securities, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">
            <div style="font-weight: bold;">Co-Managers:</div>
          </td>
          <td style="width: 60%; vertical-align: top;">
            <div>BMO Capital Markets Corp.</div>
            <div>Citigroup Global Markets Inc.</div>
            <div>KBC Securities USA LLC</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time.</div>
    <div><br>
    </div>
    <div>** It is expected that delivery of the Notes will be made against payment therefor on or about August 18, 2021, which will be the tenth business day following the date hereof (this settlement cycle being referred to as &#8220;T+10&#8221;). Under Rule 15c6-1
      of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on any day
      prior to two business days before delivery will be required to specify alternative settlement arrangements at the time of any such trade to prevent a failed settlement and should consult their own advisors.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.&#160; Before you invest, you should read the prospectus in that registration statement
      and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.&#160; You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any
      underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P. Morgan Securities LLC by calling (212) 834-4533, BofA Securities, Inc. at (800) 294-1322 or Wells Fargo Securities, LLC
      at (800) 645-3751.</div>
    <div style="font-weight: bold;"> <br>
    </div>
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