Interpublic to redeem 1.8% convertibles

New York, Dec. 19 - Interpublic Group of Cos. Inc. said it will redeem all its outstanding 1.8% convertible subordinated notes due 2004 on Jan. 20.

The New York advertising and marketing company will pay 96.6813% of the principal amount of the notes plus accrued original issue discount for a total of $978.10 per $1,000 principal amount plus accrued interest.

Interpublic currently has $249.96 million principal amount of the notes outstanding.

Up to the close of business on Jan. 19, holders can convert the notes into Interpublic stock at a rate of 26.772 shares per $1,000 principal amount. Interpublic stock closed at $15.45 Friday.

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