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COMMUNICATIONS: WPP/Bain JV Reportedly Explores Sales of Kantar Media Division

COMMUNICATIONS

WPPLN                    Baa2/BBB                           EUR Spreads Muted

WPP average adjusted EBITDA leverage was 1.84x as of 30 June though the proceeds from their agreed sale of FGS Global would see a pro-forma ratio of c.1.6x against a target of 1.5-1.75x. GBP 400mn of proceeds from this deal corresponds to ~0.22x turns of leverage though the report makes no mention of how proceeds could be distributed or used.

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WPPLN                    Baa2/BBB                           EUR Spreads Muted

WPP average adjusted EBITDA leverage was 1.84x as of 30 June though the proceeds from their agreed sale of FGS Global would see a pro-forma ratio of c.1.6x against a target of 1.5-1.75x. GBP 400mn of proceeds from this deal corresponds to ~0.22x turns of leverage though the report makes no mention of how proceeds could be distributed or used.

Keep reading...Show less