Publicis receives approval to add put to Oceanes

New York, Jan. 20 - Publicis Groupe SA said it obtained the consent of holders of its €690 million of 1% convertible bonds due 2018 in the Oceanes structure to add a put option.

The change was approved at a meeting on Thursday, winning the support of more than two-thirds of those present or represented.

Holders will be able to exercise the put between Jan. 21 and Feb. 2 for settlement on Feb. 10 at a premium redemption price. The price will be calculated as the discounted value of the early redemption option in 2006 plus €0.75 plus 0.15 multiplied by the amount by which the company's stock price exceeds €24.03. The price will be capped at €42.85 and the stock price adjustment will be ignored if negative.

The Oceanes already have puts on Jan. 18, 2006, 2010 and 2014.

As announced on Jan. 5, the addition of the put and the redemption expected to follow is the latest step in a process of balance sheet simplification that the Paris-based communications company began in 2004. It plans to retire complex securities, reduce potential dilution from equity-linked securities and reduce debt and interest charges.

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