New Issue: Interpublic Group sells upsized $500 million 4.2% 10-year notes at 150 bps over Treasuries

By Aleesia Forni

Virginia Beach, March 31 - Interpublic Group of Cos. Inc. priced an upsized $500 million issue of 4.2% senior notes (Baa3/BB+/BBB) due 2024 on Monday with a spread of Treasuries plus 150 basis points, according to a market source and a FWP filed with the Securities and Exchange Commission.

Pricing was at 99.812 to yield 4.223%.

The bookrunners were BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.

Interpublic Group plans to use proceeds to redeem its $350 million of 6.25% notes due 2014, with any remaining proceeds to be used for general corporate purposes.

The global advertising and marketing company is based in New York City.

Issuer:	Interpublic Group of Cos. Inc.
Amount:	$500 million, upsized from $350 million
Description:	Senior notes
Maturity:	April 15, 2024
Bookrunners:	BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
Co-managers:	HSBC Securities (USA) Inc., Lloyds Securities Inc., Barclays, BBVA Securities Inc., Banca IMI S.p.A., Danske Markets Inc., ING Financial Markets LLC, RBS Securities Inc., U.S. Bancorp Investments, Inc., Wells Fargo Securities, LL
Coupon:	4.2%
Price:	99.812
Yield:	4.223%
Spread:	Treasuries plus 150 bps
Trade date:	March 31
Settlement date:	April 3
Ratings:	Moody's: Baa3
	Standard & Poor's: BB+
	Fitch: BBB
Price talk:	Treasuries plus 155 bps area, tightened from Treasuries plus 170 bps area
Make-whole call:	Treasuries plus 25 bps
Change-of-control put:	101%
Distribution:	SEC-registered

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