| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2019 > News item |
WPP tenders for £200 million of 6.375% bonds due 2020 until March 21
By Susanna Moon
Chicago, Feb. 28 – WPP Finance SA said it is tendering for its £200 million of 6.375% guaranteed bonds due Nov. 6, 2020 until 11 a.m. ET on March 21.
The notes are guaranteed by WPP plc, WPP 2005 Ltd. and WPP Jubilee Ltd.
Pricing will be set at 7 a.m. ET on March 25 using a tender spread of 30 basis points over the 3.75% U.K. Treasury due Sept. 7, 2020.
The company is offering an early voting fee of 1%. The early deadline is 11 a.m. ET on March 14.
WPP is also soliciting consents for modifications to the terms of the bonds to facilitate the redemption of the bonds as proposed for approval by extraordinary resolution at a meeting to be held on March 25 in London.
Settlement is expected to occur on March 27.
The tender offer is being held to provide liquidity to bondholders and to proactively manage the balance sheet of WPP plc and its subsidiaries, according to a company press release.
The company is also looking to redeem any notes that remain outstanding after the tender offer.
Specifically, the early purchase price will equal the value of all remaining payments of principal and interest on the bonds up to and including the maturity date of Nov. 6, 2020, discounted to the settlement date at a discount rate equal to the early purchase yield minus accrued interest.
The members of a special committee who hold about 21.56% of the bonds have said that they plan to vote in favor of the consent proposal, the release noted.
The dealer managers are Barclays Bank plc (+44 20 3134 8515 or eu.lm@barclays.com) or NatWest Markets plc (+44 20 7678 5222 or liabilitymanagement@natwestmarkets.com).
The tender and tabulation agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or wpp@lucid-is.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.