- Advertising giant WPP (WPPGY) confirmed it sold €600M in bonds, increased from previous plans due to "strong demand," in order to refinance bonds maturing in the coming year.
- The company said it was taking advantage of market conditions, with borrowing costs dipping somewhat from a 16-month high. The four-year bonds priced to yield 0.772% and will pay off debt due in May, of which WPP has €498M in 6.625% bonds.
- The refinancing follows on a set of acquisitions; WPP has been adding businesses arond the world and this month agreed to buy a majority of Essence Digital.
- ADRs for WPP are up 7.8% YTD.