By Rebecca Melvin
New York, April 29 - WPP plc priced an upsized £450 million of five-year convertible unsecured bonds at par to yield 5.75% with an initial conversion premium of 40%, according to a news release.
The offering was initially talked to be £350 million in size.
The bonds priced at the midpoint of talk for the coupon, which was 5.5% to 6.25%, and at the aggressive end of talk for the initial conversion premium, which was 35% to 40%.
BNP Paribas, Citigroup Global Markets Ltd., HSBC Bank plc and Merrill Lynch International were joint lead managers and active joint bookrunners, while Barclays Bank plc, oyal Bank of Scotland plc and Banco Santander SA were joint lead managers and passive joint bookrunners.
Proceeds will be used to refinance its TNS acquisition debt facilities.
Applications will be made for the bonds to be listed on the Official List of the U.K. Listing Authority and admitted to trading on the EEA Regulated Market of the London Stock Exchange.
WPP is a communications services group based in London.
| Issuer: | WPP plc
|
| Issue: | Convertible unsecured bonds
|
| Amount: | £450 million, upsized from £350 million
|
| Maturity: | 2014
|
| Bookrunners: | BNP Paribas, Citigroup Global Markets Ltd., HSBC Bank plc and Merrill Lynch International (active); Barclays Bank plc, Royal Bank of Scotland plc and Banco Santander SA (passive)
|
| Coupon: | 5.75%
|
| Price: | Par
|
| Yield: | 5.75%
|
| Conversion premium: | 40%
|
| Price talk: | 5.5%-6.25%, up 35%-40%
|
| Pricing date: | April 29
|
| Settlement date: | May 19
|
| Distribution: | Regulation S
|
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