Omnicom receives consents from holders of $435 million 0% CoCo convertibles due 2033

New York, Nov. 5 - Omnicom Group Inc. said it received consents from holders of $435 million of its zero-coupon zero-yield convertible notes due 2033 for an amendment that would allow the company to change how the conversion value is paid.

The change will only apply to those holders who consented.

Omnicom paid a fee of $2.50 per $1,000 principal amount.

Omnicom announced on Oct. 21 that it wanted to amend the notes so that it could pay cash for the initial principal amount of the notes and the remainder in stock. The company pays all in stock as at present.

The consent solicitation expired at 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.

© 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.