Omnicom to pay $30 per $1,000 to those who refrain from put of 0% convertibles due 2032

By Jennifer Chiou

New York, July 29 - Omnicom Group Inc. announced that it will pay $30.00 per $1,000 principal amount of its zero-coupon zero-yield convertible notes due 2032 to registered noteholders who have not, as of immediately following the close of business on July 31, exercised their right to put back the securities.

The payment will also apply to those who what put their notes, but who have withdrawn this request before the close of business on Aug. 3.

Omnicom said it will make the payment on Aug. 6.

The company issued $900 million of the notes in 2002, and about $727 million is currently outstanding.

The payment of $30.00 per $1,000 principal amount represents a spread of 250 basis points over the current yield to maturity on the U.S. Treasury due July 29, 2010.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.