Interpublic Group ups conversion rate of series B 5.25% convertibles

By Toni Weeks

San Luis Obispo, Calif., March 11 - The Interpublic Group of Cos., Inc. adjusted the conversion rate of its 5.25% series B cumulative convertible perpetual preferred stock to 77.1251 from 76.2197, according to an 8-K filing with the Securities and Exchange Commission.

The conversion rate, the number of common shares into which each series B preferred may be converted, represents a conversion price of $12.97 per share.

The adjustment is the result of a common stock cash dividend payable on March 25 to holders of record as of March 11 as well as a cash dividend paid on Dec. 17.

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

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