The Wrigley Company announces intentions to refinance

The Wrigley Company has revealed its intentions to refinance up to $3.5 billion (2.15 billion pounds) of its existing secured term loans with new secured term loans, cash on hand and unsecured debt.

According to the firm, this will take place during the final quarter of 2009, will help to reduce the company’s interest expenses and provide it with increased flexibility in the future.

The refinancing is subject to the satisfaction of certain conditions, including an amendment to the organisation’s existing credit agreement.

At the present time, the Wrigley Company has $500 million of 4.30 per cent senior unsecured notes, $500 million of 4.65 per cent senior unsecured notes, $4,427 million of senior secured term loans and $4,400 million of subordinated notes outstanding.

In October, a trial conducted by the University of Rhode Island found that chewing sugar-free gum, such as Wrigley’s Extra, can help to reduce calorie intake at lunch and increase energy expenditure.