WPP Finance 2010 prices tender offer for 5 1/8% notes, 5 5/8% notes

By Angela McDaniels

Tacoma, Wash., May 7 – WPP Finance 2010 set the prices it will pay in the tender offer for any and all of its $271,578,000 of outstanding 5.125% notes due 2042 and $450.31 million of outstanding 5.625% notes due 2043, according to a company news release.

The company will pay $1,007.81 per $1,000 principal amount of 5.125% notes and $1,077.82 per $1,000 principal amount of 5 5/8% notes.

Holders will also receive accrued interest up to but excluding the settlement date, which is expected to be May 10.

Pricing was set by reference to the yield on the 3.375% Treasury due November 2048, 2.867%, plus a fixed spread of 220 basis points.

The offer began May 1 and will expire at 5 p.m. ET on May 7.

The company expects to announce the results of the tender offer on May 8.

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 issuer is an indirect subsidiary of WPP plc, a communication services company based in London.

© 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.