Interpublic calls 4.75% convertibles; holders may put or convert notes

By Marisa Wong

Madison, Wis., Feb. 13 - Interpublic Group of Cos., Inc. gave notice that it plans to redeem its $200 million outstanding 4.75% convertible notes due 2023.

The notes will be redeemed on March 15 at par of $1,000 plus accrued interest of $23.75 per note.

Interpublic said that holders may convert their notes at any time at a conversion rate of 84.3402 shares per $1,000 of notes until the close of business on March 14.

The company also notified holders that they may exercise a put option. Put bonds will be redeemed at the same price as called bonds.

Holders may exercise their put option until 5 p.m. ET on March 8 and withdraw previously delivered put notices at any time prior to 5 p.m. ET on March 14.

The company noted that a holder exercising the put option will lose conversion rights, unless the put option exercise is withdrawn, and will not receive more consideration than what holders would receive from having their notes redeemed.

Interpublic is a global advertising and marketing company based in New York.

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