Published on 2/23/2021 in the Prospect News Investment Grade Daily.
New Issue: Interpublic sells $1 billion of 10-, 20-year fixed-rate notes
By Wendy Van Sickle
Columbus, Ohio, Feb. 23 – Interpublic Group of Cos., Inc. priced $1 billion of senior notes (Baa2/BBB/BBB+) in two tranches on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
Interpublic priced $500 million of 2.4% 10-year bonds with a 105 basis points spread over Treasuries. Pricing was at 99.832 to yield 2.419%.
The company also sold $500 million of 3.375% 20-year bonds with a 135 bps spread over Treasuries. Pricing was at 99.783 to yield 3.39%.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Securities, Inc. and Morgan Stanley & Co. LLC were the bookrunners.
Interpublic Group plans to use the proceeds of the new notes to redeem all or a portion of its notes due 2022, 2023 and 2024.
Interpublic is a New York-based provider of advertising and marketing services.
| Issuer: | Interpublic Group of Cos., Inc.
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Securities, Inc. and Morgan Stanley & Co. LLC
|
| Senior co-managers: | BBVA Securities Inc., BNP Paribas Securities Corp., HSBC Securities (USA) Inc., ING Financial Markets LLC, MUFG and Wells Fargo Securities LLC
|
| Co-managers: | Citizens Capital Markets, Inc., Danske Markets Inc., Goldman Sachs & Co. LLC, Intesa Sanpaolo SpA, Loop Capital Markets LLC, PNC Capital Markets LLC and U.S. Bancorp Investments Inc.
|
| Trade date: | Feb. 23
|
| Settlement date: | Feb. 25
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | March 1, 2031
|
| Coupon: | 2.4%
|
| Price: | 99.832
|
| Yield: | 2.419%
|
| Spread: | Treasuries plus 105 bps
|
| Call: | Make-whole call at Treasuries plus 20 bps until Dec. 1, 2030 and then a par call
|
|
|
| 20-year notes
|
| Amount: | $500 million
|
| Maturity: | March 1, 2041
|
| Coupon: | 3.375%
|
| Price: | 99.783
|
| Yield: | 3.39%
|
| Spread: | Treasuries plus 135 bps
|
| Call: | Make-whole call at Treasuries plus 25 bps until Sept. 1, 2040 and then a par call
|
|
|
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