E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 5/1/2019 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

WPP tenders for $721.89 million 5 1/8%, 5 5/8% notes due 2042, 2043

By Rebecca Melvin

New York, May 1 – WPP Finance 2010 announced a tender offer for any and all of $721.89 million of notes due September 2042 and November 2043, according to a notice.

The offer will expire at 5 p.m. ET on May 7 with settlement expected May 10.

The two series of notes include:

• $271,578,000 of outstanding 5.125% notes due 2042, with pricing to be based on the 3.375% Treasury due November 2048 and a fixed spread of 220 basis points; and

• $450,310,000 of outstanding 5.625% notes due 20431, with pricing based on the 3.375% Treasury due November 2048 and a fixed spread of 220 bps.

Accrued interest will also be paid to, but excluding, the settlement date.

The dealer managers are ING Financial Markets LLC (877 446-4930 or +44 20 7767 6784), J.P. Morgan Securities LLC (866 834-4666 or 212 269-5550) and Merrill Lynch International (980 387-3907, +44-20-7996-5420 or DG.LM_EMEA@baml.com).

The tender agent is D.F. King & Co., Inc. (866 745-0267, 212 269-5550 or wpp@dfking.com).

The communication services company is based in Dublin.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.