Ropes & Gray has advised Acushnet Holdings Corp. and its subsidiary, Acushnet Company, in an offering of $500 million in aggregate principal amount of senior notes due 2033. The proceeds from the notes will be used to redeem all $350 million aggregate principal amount of Acushnet’s outstanding 7.375% senior notes due 2028; to repay a portion of the amount outstanding under Acushnet’s revolving secured credit facility; and to pay fees and expenses related to the notes offering.
The pricing was announced in a press release on November 12. The issuance of the notes is expected to occur on or about November 24, subject to the satisfaction of customary closing conditions.
Headquartered in Fairhaven, Massachusetts, Acushnet Holdings Corp., is a global leader in the design, development, manufacture and distribution of performance-driven golf products. Acushnet is the steward of two of the most revered brands in golf – Titleist, one of golf’s leading performance equipment brands, and FootJoy, one of golf’s leading performance wear brands.
The team was led by capital markets partner Tom Fraser and included finance partner Byung Choi, finance counsel Amy Olson, and capital markets associate Emily Weiss-Cook.