Wynn’s International Able to Restructure Its Debt

Wynn’s International Corp. has obtained a $40-million financing package from Metropolitan Life Insurance Co. in order to restructure its debt. The new financing enables the Fullerton-based automotive parts maker to retire a short-term, $31-million bank loan it obtained to acquire Precision Rubber Products Corp. last November.

Wynn’s president, John F. Lillicrop, said the $40 million in new borrowings will be used to retire $28 million of short-term indebtedness remaining from the Precision Rubber purchase and $8.6 million of outstanding long-term indebtedness owed Metropolitan from a prior acquisition. The balance, he said, will be used for general corporate purposes. The new financing includes $31.7 million of senior notes and $8.25 million of convertible subordinated notes, all due in 1996.