Omnicom solicits consents to amend 0% CoCo convertibles due 2033

New York, Oct. 21 - Omnicom Group Inc. said it has started a consent solicitation to amend its zero-coupon zero-yield convertible notes due 2033 to allow it to change how the conversion value is paid.

Omnicom is proposing to pay cash for the initial principal amount of the notes and the remainder in stock instead of all stock as at present.

Holders who consent to the change will receive a payment of $2.50 per $1,000 principal amount.

The consent solicitation runs through the close of business on Nov. 4.

The convertibles have an initial 125% contingent conversion threshold, rising to 220% in year five.

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

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