By Paul A. Harris
St. Louis, July 21 - Interpublic Group announced in a Thursday news release that it priced a non-registered $250 million issue of three-year floating-rate notes that will pay a coupon which will float at Libor plus 325 basis points.
The company's senior unsecured debt ratings are Baa3 from Moody's Investors Service and BB- from Standard & Poor's.
Proceeds, together with cash on hand, will be used to take out the company's outstanding $250 million of 7 7/8% notes which mature on Oct. 15, 2005.
No bookrunning names or other details were disclosed in the news release, and officials from the company could not be reached by telephone late Thursday.
Interpublic Group is an advertising, public relations and marketing communications services provider based in New York City.
| Issuer: | Interpublic Group
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| Amount: | $250 million
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| Maturity: | July 25, 2008
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| Security description: | Floating-rate notes
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| Coupon: | Libor plus 325 basis points
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| Senior unsecured debt ratings: | Moody's: Baa3
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| Standard & Poor's: BB-
|
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