Interpublic to redeem all $400 million of 4.25% senior convertibles

By Ashley Montgomery

Kansas City, Kan., Feb. 24 - Interpublic Group of Cos., Inc. will redeem all $400 million outstanding of its 4.25% convertible senior notes due 2023, the company said in an announcement.

The notes will be redeemed March 26 at par plus accrued interest up to the redemption date.

Noteholders may convert their notes into shares of common stock at a rate of 82.4612 shares per $1,000 principal amount of the notes, which is equivalent to $12.13 per share. Notes must be converted by the end of business on March 23.

The company's common stock closed at $10.91 (NYSE: IPG) on Feb. 23.

The company said it intends to use available liquidity to fund the redemption.

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

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