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| Prospect News home > News index > List of issuers I > Headlines for Interpublic Group of Cos., Inc. > News item |
Interpublic prices tender offer for $370 million of 5.25% convertibles
By Susanna Moon
Chicago, May 25 - Interpublic Group of Cos., Inc. said it set a purchase price of $869.86 per share for its cash offer to purchase up to 370,000 shares of its outstanding 5.25% series B cumulative convertible perpetual preferred stock.
Interpublic said it fixed the purchase price promptly after the close of trading on the New York Stock Exchange on May 24, which is the second scheduled trading day before the expiration date.
The purchase price was calculated as the sum of 54.893 multiplied by the weighted average price plus $438.95. Pricing was subject to a minimum offer of $768.31 per preferred and a maximum of $1,070.22 per preferred.
The company also will pay accrued dividends to the payment date.
The tender offer began on April 29 and will end at midnight ET on May 26. Tendered shares may be withdrawn at any time prior to the expiration.
The weighted average price was the average of the daily volume-weighted average prices of Interpublic's common stock beginning on May 18 and ending on the May 24.
Assuming Interpublic accepts the full 370,000 shares for which it is tendering and that it pays the maximum purchase price, it will spend $400 million on the offer, including accrued dividends.
The completion of the offer is not conditioned on a minimum number of preferreds being tendered.
Morgan Stanley & Co. Inc. (800 624-1808 or 212 761-8663) and Citigroup Global Markets Inc. (800 558-3745, 212 723-6106 or 212 723-7367) are the dealer managers, and Global Bondholder Services Corp. (866 807-2200 or, for banks and brokers, 212 430-3774) is the information agent and the depositary.
Interpublic provides advertising and marketing services.
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