Interpublic to redeem 4.75% convertibles, 10% notes via note proceeds

By Ashley Montgomery

Kansas City, Kan., Nov. 5 - The Interpublic Group of Cos., Inc. plans to use the proceeds from its senior notes offering to redeem its $200 million 4.75% convertible senior notes due 2023 and $600 million 10% notes due 2017, according to a 424B2 filed with the Securities and Exchange Commission.

The company said it has the right to redeem the 4.75% notes at par plus accrued interest on or after March 15, 2013.

Holders may choose to tender the 4.75% notes on that same date and on March 15, 2018. Holders may also convert their notes to shares at a price of $12 per share after the company issues a redemption notice and before the redemption date.

The company has the right to redeem the 10% notes at 105 plus accrued interest on or after July 15, 2013. The notes may also be called before that date at par plus a make-whole amount and accrued interest.

Interpublic is a New York-based provider of advertising and marketing services.

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