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WPP completes successful solicitation of 5.875% senior notes due 2014
By Jennifer Chiou
New York, April 24 - WPP Group plc wrapped a successful consent solicitation for its $650 million of 5.875% senior notes due 2014, according to a 6-K filing with the Securities and Exchange Commission.
The consent solicitation expired at 5 p.m. ET on April 22.
In exchange for consents to proposed amendments, the company offered to fully and unconditionally guarantee the notes.
WPP was seeking consents from holders of a majority of notes to:
• Allow for the dissolution of WPP Air UK, one of the guarantors of the notes; and
• Permit the issuer and the other guarantors of the notes to consolidate and merge with, and transfer all or substantially all of their respective assets to, any corporation, partnership or trust.
WPP is a communications services group based in London.
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