Omnicom adds early consent date to solicitation for zero-coupon zero-yield convertibles

New York, July 31 - Omnicom Group Inc. added an early consent date to its consent solicitation for its zero-coupon zero-yield convertible notes due 2032, according to a company news release.

Payment will now be made as soon as possible after Aug. 7 to holders who deliver consents by that date.

The new deadline is in addition to the originally announced expiration on Aug. 28.

In either case, holders receive the same amount of $25 per $1,000 principal amount.

Omnicom announced the solicitation on July 30, saying it will only apply to holders who do not exercise their put rights on July 31 or withdraw the exercise by Aug. 1.

The consents would allow the company to amend the note indenture to have noteholders waive their right to contingent cash interest, if payable, from Oct. 31 through Aug. 1, 2010 and to eliminate Omnicom's right to redeem the notes prior to Aug. 2, 2010.

The company said it will pay $25 per $1,000 principal amount of notes to holders who deliver consents.

Omnicom is a marketing and corporate communications company based in New York.

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