Omnicom sets payment for not exercising put, giving consent for convertibles due 2032

New York, July 29 - Omnicom Group Inc. said it will pay $27.50 per $1,000 principal amount to holders of its zero-coupon zero-yield notes due 2032 who do not exercise the upcoming put and who agree to amend the indenture.

The payment will be made to holders who, as of immediately following the close of business on Aug. 2, have not exercised the put. Holders will also have to deliver a consent to the amendment by the close of business on Aug. 9.

The indenture amendment will allow Omnicom to pay the initial principal amount of the notes in cash when they are surrendered for conversion. The remainder of the conversion value will be paid in cash or stock at Omnicom's option.

The amendment will also change the method by which contingent cash interest is determined.

Only noteholders who consent will be covered by the amendment.

The New York marketing and corporate communications company will fix the size of the cash payment after the close of business on July 29.

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