Omnicom offers cash payment to amend LYONs, waive upcoming put

New York, Nov. 19 - Omnicom Group Inc. said it is offering a cash payment of $17.50 per $1,000 of its Liquid Yield Option Notes due 2031 to holders who consent to modify how the conversion value is paid and who waive their right to exercise the put option on Feb. 7, 2005.

Under the amended terms, holders of the LYONs would receive cash up to the principal amount on conversion and the remainder in either cash or stock at Omnicom's option.

The solicitation runs through the close of business on Nov. 23.

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

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