Omnicom gets puts of $132.5 million 0% convertibles due 2033, $427.1 million consent to amendments

New York, June 28 - Omnicom Group Inc. said holders of $132.504 million of its zero-coupon zero-yield convertible notes due 2033 exercised the put option.

That leaves $467.496 million still outstanding. Of the total, holders of $427.128 million consented to amendments of the indenture.

For the amended notes, the maturity is extended to July 1, 2038 from June 15, 2033, the contingent cash interest payment dates extended through June 15, 2038, puts added in June 15, 2033, 2034, 2035, 2036 and 2037, the conversion rights for the notes extended to July 1, 2038 and the comparable yield for accrued original issue discount amended. The comparable yield is currently 4.60%.

The new yield will be determined on the effective date of the consent solicitation and is estimated to be 7%.

Holders who consented by 5 p.m. ET on June 27 and did not exercise the put on June 16 will receive a cash payment of $27.50 per $1,000 of convertibles.

The New York-based marketing and corporate communications company announced the solicitation on May 30.

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