By Andrea Heisinger
New York, June 21 - William Wrigley Jr. Co. priced $1.8 billion of senior secured notes (Baa2/BBB/) in four tranches late on Monday, an informed source said.
A $500 million tranche of one-year floating-rate notes priced at par to yield three-month Libor plus 137.5 basis points. They are non-callable.
A $425 million tranche of 2.45% two-year notes sold at 99.967 to yield 2.467% with a spread of Treasuries plus 175 bps. The tranche has a make-whole call of Treasuries plus 25 bps.
A $375 million tranche of 3.05% three-year notes sold at 99.92 to yield 3.078% with a 187.5 bps over Treasuries spread. The tranche has a make-whole call at Treasuries plus 30 bps.
The final tranche was $500 million of 3.7% four-year notes priced at 99.897 to yield 3.728% with a spread of Treasuries plus 170 bps. The tranche has a make-whole call at Treasuries plus 25 bps.
Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. ran the books.
The deal was done under Rule 144A and Regulation S, and the notes feature a change-of-control put of 101%.
Proceeds are being used to retire the company's senior secured bank facilities, including a term loan due in 2012, an undrawn revolver due in 2013 and term loans due in 2013 and 2014.
The candy and food products company is based in Chicago.
| Issuer: | William Wrigley Jr. Co.
|
| Issue: | Senior secured notes
|
| Amount: | $1.8 billion
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities Inc.
|
| Distribution: | Rule 144A/Regulation S
|
| Change-of-control put: | 101%
|
| Trade date: | June 21
|
| Settlement date: | June 28
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
|
|
| One-year floaters
|
| Amount: | $500 million
|
| Issue: | Floating-rate notes
|
| Maturity: | 2011
|
| Coupon: | Three-month Libor plus 137.5 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 137.5 bps
|
| Call: | Non-callable
|
|
|
| Two-year notes
|
| Amount: | $425 million
|
| Maturity: | June 28, 2012
|
| Coupon: | 2.45%
|
| Price: | 99.967
|
| Yield: | 2.467%
|
| Spread: | Treasuries plus 175 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
|
|
| Three-year notes
|
| Amount: | $375 million
|
| Maturity: | June 28, 2013
|
| Coupon: | 3.05%
|
| Price: | 99.92
|
| Yield: | 3.078%
|
| Spread: | Treasuries plus 187.5 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
|
|
| Four-year notes
|
| Amount: | $500 million
|
| Maturity: | June 30, 2014
|
| Coupon: | 3.7%
|
| Price: | 99.897
|
| Yield: | 3.728%
|
| Spread: | Treasuries plus 170 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
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