Interpublic increases conversion rate of series B 5.25% convertibles

By Marisa Wong

Madison, Wis., Sept. 3 - The Interpublic Group of Cos., Inc. adjusted the conversion rate of its 5.25% series B cumulative convertible perpetual preferred stock to 77.8966 from 77.1251, according to an 8-K filing with the Securities and Exchange Commission.

The new conversion rate, the number of common shares into which each series B preferred may be converted, represents a conversion price of $12.84 per share.

The adjustment is the result of a common stock cash dividend payable on Sept. 17 to holders of record as of Sept. 3 as well as a cash dividend paid on June 21.

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

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