1st May 2019 13:39
LONDON (Alliance News) - WPP PLC said Wednesday it is made an offer to purchase all of the outstanding notes due 2042 and 2043 totalling USD721.9 million.
WPP has USD271.6 million outstanding for its 5.125% notes due 2042 and USD450.3 million outstanding on its 5.625% notes due 2043.
The offer will close next Tuesday. The company is conducting the buy back through its unit WPP Finance 2010.
"The purpose of the offer is to provide liquidity to holders and to proactively manage WPP's indebtedness and reduce its ongoing interest expense," the company said.
Shares in the FTSE 100-listed advertising and public relations firm were up 1.3% Wednesday at 968.40 pence each.
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