Interpublic completes consent solicitation

New York, April 1 - Interpublic Group of Cos., Inc. said it completed its consent solicitation for five series of its notes. The solicitation expired at 5 p.m. Thursday.

Under the amendment, Interpublic's failure to comply with reporting covenants will not constitute a default.

The initial consent fee of $2.50 per $1,000 principal amount was due to be paid Friday. If Interpublic does not file its 2004 annual report by 5:30 p.m. ET on June 30 it will pay an additional fee of $1.25 per $1,000 principal amount.

The solicitation covers Interpublic's $800 million 4½% convertible senior notes due 2023, $250 million 5.4% senior unsecured notes due 2009. It announced on Tuesday that it had similarly received consents and executed a supplemental indenture for its $250 million 7 7/8% senior unsecured notes due 2005, $500 million 7¼% senior unsecured notes due 2011and $350 million 6¼% senior unsecured notes due 2014.

For the convertibles, Interpublic added an additional 18 months of call protection to Sept. 15, 2009 from the current March 15, 2008 and a make-whole adjustment to the conversion rate under some changes of control.

Citigroup Global Markets Inc. (800 558-3745 or call collect 212 723-6106), J.P. Morgan Securities Inc. (800 834-4666 or call collect 212 834-3424) and UBS Securities LLC (888 722-9555 ext. 4210 or call collect 203 719-4210) are solicitation agents, and Global Bondholder Services Corp. is information agent (866 470-3900 or 212 430-3774).

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