Omnicom solicits consents for LYONs due 2031

By Jennifer Chiou

New York, Jan. 22 - Omnicom Group Inc. announced that it is seeking consents from holders of its Liquid Yield Option Notes due 2031 to amend the indenture to, among other things, have noteholders waive their right to contingent cash interest, if payable, from April 30, 2009 through and including Jan. 31, 2012, and eliminate Omnicom's right to redeem the notes prior to Feb. 1, 2011.

The consent solicitation will expire on Feb. 20.

Omnicom said it will make a cash payment equal to $50.00 per $1,000 principal amount of notes.

The company will only pay the consent fee to holders who have not exercised their right to put back the notes or holders who have withdrawn previous puts by the close of business on Feb. 6.

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

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