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Wm. Wrigley Jr. Company Announces Intent to Refinance Up to $3.5 Billion

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2009-12-09 05:03:33     
Wm. Wrigley Jr. Company

Wm. Wrigley Jr. Company announced today that it intends to refinance up to $3.5 billion of its existing secured term loans with new secured term loans, new unsecured debt and cash on hand. The refinancing is subject to satisfaction of certain conditions precedent including an amendment to its existing credit agreement. The refinancing and amendment, which are expected to occur in the final quarter of 2009, would reduce Wrigley's interest expense going forward and provide it greater flexibility in the future. Currently, Wrigley has $4,427 million of senior secured term loans, $4,400 million of subordinated notes, $500 million of 4.30% senior unsecured notes and $500 million of 4.65% senior unsecured notes outstanding. Wrigley also has $250 million of availability under its undrawn revolving loan facility.

About The Wm. Wrigley Jr. Company

The Wm. Wrigley Jr. Company is a recognized leader in confections with a wide range of product offerings including gum, mints, hard and chewy candies, lollipops, and chocolate. The Company has operations in more than 40 countries and distributes its world-famous brands in more than 180 countries. Three of these brands - Wrigley's Spearmint®, Juicy Fruit®, and Altoids® - have heritages stretching back more than a century. Other well-loved brands include Doublemint®, Life Savers®, Skittles®, Big Red®, Boomer®, Pim Pom®, Winterfresh®, Extra®, Starburst®, Freedent®, Hubba Bubba®, Orbit®, Excel®, Creme Savers®, Eclipse®, Airwaves®, Solano®, Sugus®, Lockets®, P.K.®, Cool Air® and 5®. Wrigley is headquartered in Chicago, Illinois and operates as a subsidiary of Mars, Incorporated, based in McLean, Virginia . Mars is a $30-billion, family-owned company that produces some of the world's leading confectionery, food and petcare products and has growing beverage and health & nutrition businesses.

Cautionary Statement Regarding Forward-Looking Information

This press release contains statements which may be considered forward- looking statements within the meaning of the Securities Exchange Act of 1934, including, without limitation, statements regarding operating strategies, future plans and financial results. Forward-looking statements may be accompanied by words such as "anticipate, " "believe, " "plan, " "estimate, " "expect, " "project, " "intend," "may, " "will, " "would, " "contemplate, " "possible, " "attempt, " "seek, " "should, " "could, " "goal, " "target, " "on track, " "comfortable with," "optimistic" and similar words, although some forward-looking statements are expressed differently. These statements are based on current expectations of future events. A variety of factors could cause actual results to differ materially from the anticipated results or expectations expressed. Except as required by law, Wrigley does not undertake any obligation to update the information contained herein, which speaks only as of the date of this press release.

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