By Cristal Cody
Tupelo, Miss., March 27 – Omnicom Group Inc. priced an upsized $600 million of 4.2% long 10-year senior notes (Baa1/BBB+) at 99.62 to yield 4.247% and a spread of Treasuries plus 350 basis points on Friday, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the low 400 bps over Treasuries area.
The deal was upsized from $500 million.
Citigroup Global Markets Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Mizuho Securities USA Inc. and U.S. Bancorp Investments Inc. were the bookrunners.
Proceeds will be used for general corporate purposes.
The global marketing and corporate communications company is based in New York.
| Issuer: | Omnicom Group Inc.
|
| Amount: | $600 million
|
| Description: | Senior notes
|
| Maturity: | June 1, 2030
|
| Bookrunners: | Citigroup Global Markets Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Mizuho Securities USA Inc. and U.S. Bancorp Investments Inc.
|
| Co-managers: | SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC
|
| Coupon: | 4.2%
|
| Price: | 99.62
|
| Yield: | 4.247%
|
| Spread: | Treasuries plus 350 bps
|
| Call features: | Make-whole call before March 1, 2030 at Treasuries plus 50 bps; thereafter at par
|
| Trade date: | March 27
|
| Settlement date: | April 1
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus low 400 bps area
|
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