Winnebago Industries, Inc. (WGO), a manufacturer of outdoor recreation products, Monday said it commenced a cash tender offer to purchase its 6.250% senior secured Notes due 2028 for up to $75 million.
"We have generated strong free cash flow over time enabling us to fund organic and inorganic investments, while also returning cash to shareholders. This tender reduces our higher-cost debt and reaffirms our commitment to executing on our capital priorities in a balanced manner," said Bryan Hughes, the Company's Chief Financial Officer.
The holders of notes are required to tender their notes by February 14, 2025 to receive total consideration. Notes tendered after this early tender date will receive only the base consideration which is equal to total consideration minus early tender premium.
The tender offer will expire on March 4, 2025, with the final settlement date expected on March 7, 2025.
J.P. Morgan Securities LLC is the Dealer Manager for the Tender Offer.
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