By Sheri Kasprzak
New York, Nov. 2 - The WPP Group Finance 2010 priced $500 million of 10-year senior notes on Wednesday to yield 280 basis points over Treasuries, said a market source familiar with the offering.
The notes (Baa3/BBB/) were sold under Rule 144A.
The 4.75% notes are due Nov. 21, 2021 and were priced at 99.567 to yield 4.805%.
The securities feature a make-whole call at Treasuries plus 40 bps.
Barclays Capital Inc., Bank of America Merrill Lynch, HSBC (USA) LLC and RBS Securities Inc. were the joint bookrunners.
Proceeds will be used to refinance existing debt.
WPP Group Finance is the financing arm of WPP plc, which is a Dublin, Ireland-based advertising firm.
| Issuer: | WPP Group Finance 2010
|
| Issue: | Senior notes
|
| Amount | $500 million
|
| Maturity: | Nov. 21, 2021
|
| Bookrunners: | Barclays Capital Inc., Bank of America Merrill Lynch, HSBC (USA) LLC, RBS Securities Inc.
|
| Coupon: | 4.75%
|
| Price: | 99.567
|
| Yield: | 4.805%
|
| Spread: | 280 bps over Treasuries
|
| Call feature: | Make-whole call at any time at Treasuries plus 40 bps
|
| Pricing date: | Nov. 2
|
| Settlement date: | Nov. 21
|
| Distribution: | Rule 144A
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
© 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.
