Wm. Wrigley debt refinancing to include new unsecured debt

By Paul A. Harris and Sara Rosenberg

St. Louis, Dec. 8 - A new debt refinancing package from Wm. Wrigley Jr. Co. will include unsecured debt, the company reported on a Tuesday conference call.

Meanwhile the secured portions of the refinancing include $2.1 billion in new term loan debt and an amendment to the company's existing credit facility, according to a market source.

The new debt is comprised of a $1 billion three-year term loan talked at Libor plus 275 basis points with an original issue discount of 99½ and a $1.1 billion five-year term loan talked at Libor plus 300 bps with an original issue discount of 991/4.

Proceeds from the new term loans, along with new unsecured debt and cash on hand, will be used to refinance existing term loan B borrowings.

JPMorgan and Goldman Sachs are the lead arrangers on the bank deal, with JPMorgan running the amendment process.

Wm. Wrigley is a Chicago-based confections company.

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