WISCONSINREPORT.COM (09/01/2010) - One of the larger employers in Milwaukee, a world-wide small engine manufacturing giant, is using a legal manuever to try to raise money to retire a more than 203.5 million dollar debt. Briggs and Stratton Corporation has filed what is called a shelf registration statement with the Securities and Exchange Commission. The statement allows the company to offer and sell debt securities to pay off the Senior Notes that become due in March of 2011.
Briggs & Stratton Corporation (NYSE: BGG) announced yesterday that it has filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission.
The shelf registration statement allows the Company the flexibility to offer and sell from time to time debt securities in one or more future public offerings. The actual amount and terms of those securities will be determined at the time of sale, if such sale occurs.
Briggs & Stratton is a well-known seasoned issuer, so the shelf registration statement is effective upon filing and is available for immediate use.
As of June 27, 2010, The Company had approximately $203.5 million of 8.875% Senior Notes outstanding which become due in March 2011. The Company is currently evaluating several alternatives for refinancing this debt, including potentially issuing securities under the shelf registration statement.
The filing of the shelf registration statement positions Briggs & Stratton to move quickly to take advantage of financing as well as other business opportunities when and if such opportunities arise.
A Briggs and Stratton spokesperson says the announcement from the company does not constitute an offer to sell nor is it a solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
At the time any securities covered by the registration statement are offered for sale, a prospectus supplement will be provided containing specific information about the terms of any such offering.
Briggs & Stratton Corporation, headquartered in Milwaukee, Wisconsin, is the world's largest producer of gasoline engines for outdoor power equipment.
Its wholly owned subsidiary Briggs & Stratton Power Products Group, LLC is North America's number one manufacturer of portable generators and pressure washers, and is a leading designer, manufacturer and marketer of lawn and garden and turf care through its Simplicity®, Snapper®, Ferris® and Murray® brands.
Briggs & Stratton products are designed, manufactured, marketed and serviced in over 100 countries on six continents.
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