Mars to repay credit facility borrowings with proceeds from new notes

By Sarah Lizee

Olympia, Wash., March 27 – Mars Inc. plans to repay all of its outstanding borrowings under its short-term term loan facility and a portion of its outstanding borrowings under its revolving credit facility using proceeds from new senior notes, according to a press release.

The company priced $5 billion of senior notes (A1/A) in eight tranches in a debut Rule 144A private placement offering on Tuesday, as previously reported.

Any remaining proceeds from the new notes will be used for general corporate purposes.

Mars is a McLean, Va.-based global privately held manufacturer of confectionary products, pet food and animal-care services.

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