Interpublic to redeem 1.87% convertibles with $500 million offering proceeds

Pittsburgh, Nov. 15 - The Interpublic Group of Cos. Inc. will redeem in whole or in part its 1.87% convertible subordinated notes due 2006 with proceeds from its offering of $500 million of senior debt securities with five- and 10-year maturities, according to a company news release.

The company also intends to use proceeds to repay $250 million of its 7 7/8% notes due 2005.

Interpublic is a New York organization of advertising agencies and marketing services companies.

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