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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.
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