Interpublic Group redeems all remaining 4.25% convertibles due 2023

By Angela McDaniels

Tacoma, Wash., March 26 - Interpublic Group of Cos., Inc. announced the retirement of all $400 million principal amount of its 4.25% convertible senior notes due 2023.

Interpublic redeemed the remaining principal amount of the convertibles at par plus accrued interest to the redemption date. The principal amount of convertibles redeemed was $376.4 million, according to a company news release.

In connection with the redemption, holders had the right to convert their notes at a conversion rate of 82.4612 common shares per $1,000 principal amount of notes.

Through March 23, the last date on which the notes were convertible, holders had converted $365,000 principal amount of the notes into about 30,000 shares of Interpublic's common stock.

On March 15, holders put back $23.2 million of the convertibles to the company at par.

Interpublic is an advertising and marketing company based in New York.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.