Wrigley to refinance up to $3.5B in loans

AP News
Posted: Dec 08, 2009 5:12 PM

Wm. Wrigley Jr. Co., a subsidiary of Mars Inc., said Tuesday it plans to refinance up to $3.5 billion of existing secured term loans.

It plans to replace those with new secured term loans, new unsecured debt and cash on hand in order to cut what it spends on interest payments.

The refinancing is expected to close in the last quarter of 2009.

Wrigley currently has $4.43 billion of senior secured term loans, $4.4 billion of subordinated notes, $500 million of 4.3 percent senior unsecured notes and $500 million of 4.65 percent senior unsecured notes outstanding.

The company, based in Chicago, said it has $250 million available in its revolving credit facility.

Wrigley sells gum, mints, candy, lollipops and chocolate. It is owned by Mars Inc., which is based in McLean, Va. Both are privately held.