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Interpublic receives consents to amend notes
New York, March 31 - Interpublic Group of Cos., Inc. said it received the necessary consents to amend all five series of its notes.
Although the receipt of consents was announced early Thursday, the solicitation was not scheduled to expire until 5 p.m.
Interpublic had already received consents for four series of notes but extended the deadline from March 29 and amended the terms of the offer for the fifth series of securities, its $800 million 4½% convertible senior notes due 2023.
The New York advertising and marketing services company has already executed a supplemental indenture for its $250 million 5.4% senior unsecured notes due 2009. It announced on Tuesday that it had similarly received consents and executed a supplemental indenture for its $250 million 7 7/8% senior unsecured notes due 2005, $500 million 7¼% senior unsecured notes due 2011and $350 million 6¼% senior unsecured notes due 2014.
The consents delivered for these notes are irrevocable unless the company fails to pay the consent fee. Acceptance is subject to consents being received for all series covered by the solicitation, unless Interpublic waives the condition.
For the convertibles, Interpublic added an additional 18 months of call protection to Sept. 15, 2009 from the current March 15, 2008 and a make-whole adjustment to the conversion rate under some changes of control.
The consent solicitation is to waive defaults that would otherwise be caused by failure to comply with reporting covenants.
Citigroup Global Markets Inc. (800 558-3745 or call collect 212 723-6106), J.P. Morgan Securities Inc. (800 834-4666 or call collect 212 834-3424) and UBS Securities LLC (888 722-9555 ext. 4210 or call collect 203 719-4210) are solicitation agents, and Global Bondholder Services Corp. is information agent (866 470-3900 or 212 430-3774).
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