Brunswick generates $149 million from tender offer
Brunswick Corp. (NYSE: BC), parent of Life Fitness, said, pursuant to its previously announced cash tender offer and consent solicitation for its outstanding 5 percent notes due 2011, it had received tenders and consents from holders of $149.4 million aggregate principal amount of the notes, representing over 99.5 percent of the outstanding 2011 notes.
Brunswick said it has accepted and paid for the tendered notes using proceeds from its recently completed offering of $350 million aggregate principal amount of 11.25 percent senior secured notes due 2016.
Holders who have not yet tendered their notes may tender until Sept. 4, unless extended or terminated earlier by Brunswick.
Iconix receives upgraded outlook from S&P
Standard & Poor's Ratings Services upgraded its outlook on Iconix Brand Group (Nasdaq: ICON), parent of Danskin Fitness, to stable from negative.
According to Standard & Poor's, the upgrade primarily relates to Iconix's ability to maintain its current operating performance amid a weak retail environment, reduce its debt level and improve credit protection measures, and sustain an adequate liquidity profile.
The ratings on Iconix also reflect the diversity and strong recognition of Iconix's brands, the company's high margins, high cash flow and royalty income based business model.
Nike's future orders continue to fall
Nike (NYSE: NKE) reported a decrease in future orders for the past several quarters hit be the decline in sales due to the continued economic downturn plaguing the retail industry. Future orders measure customer orders scheduled to be delivered in the coming season. Nike anticipates its future orders to decline by over 5 percent when it reports its results in September.
The continued softness in the economy has led to a reduction in disposable income and a cut in consumer discretionary spending. Consumers are more attracted to national and local department stores and discount stores that offer products at sale prices. Major retailers like Foot Locker and Hibbett Sports further anticipate plummeting sales in the coming quarters.
In order to realign its inventory to sales trends, Nike has recalled some of its shoes back from the retailers in exchange of items that are moving fast off the shelves.
--Compiled by Wendy Geister
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