MILWAUKEE -- Dec. 13 and 15 -- Briggs and Stratton Corporation announced today that it has commenced a public offering of $200 million aggregate principal amount of its senior notes due 2020. The notes will be unsecured and will be guaranteed on a senior basis by its significant domestic subsidiary, Briggs and Stratton Power Products Group, LLC, and certain of its future domestic subsidiaries.
On December 15, Briggs and Stratton Corporation announced today that it has priced a public offering of $225 million aggregate principal amount of its senior notes due 2020, which will bear interest at a rate of 6.875%. The offering is being made pursuant to a shelf registration statement and is expected to close on December 20, 2010.
The Company intends to use the net proceeds from the offering to redeem its outstanding 8.875% Senior Notes due March 15, 2011 and to pay fees and expenses in connection with the offering and redemption and for general corporate purposes.
Bank of America Merrill Lynch and J.P. Morgan will act as joint book-running managers for the offering.
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