Pearson returns for €500m at no NIP to peers

Pearson FT Group for new website
By Jon Hay
15 May 2014

Pearson, the UK educational and financial publishing group, returned to the euro bond market on Monday after a long absence, and priced a bond right in line with the secondary spreads of its closest media peers. It was followed on Wednesday by a €350m three year deal from competitor Reed Elsevier (see globalcapital.com).

Pearson, which owns an educational publishing division, the Financial Times group and 47% of Penguin Random House, is rated Baa1/BBB+, essentially the same level as publishers Bertelsmann, Reed Elsevier and Wolters Kluwer. Advertising group WPP is a notch lower at BBB, but trades in line with the others.

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