Interpublic 4.75% convertibles holders convert nearly all notes

By Toni Weeks

San Luis Obispo, March 15 - Interpublic Group of Cos., Inc. gave notice that it has retired all $200 million of its 4.75% convertible senior notes due 2023. The company redeemed the remaining notes after holders elected to covert $199,997,000 principal amount of notes into about 16.9 million shares.

As previously reported, in connection with a redemption announced Feb. 13, noteholders had the right to convert their notes into Interpublic common stock through March 14 at a conversion rate of 84.3402 common shares per $1,000 principal amount.

Any notes not converted were to be redeemed on March 15 at par of $1,000 plus accrued interest of $23.75 per note.

As an alternative, holders were also allowed to exercise a put option. Put bonds were to be redeemed at the same price as called bonds.

Holders could 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 said in a previous press release that a holder exercising the put option would lose conversion rights, unless the put option exercise was withdrawn, and would not receive more consideration than what holders were to receive from having their notes redeemed.

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

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