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Interpublic begins tender offers for 5.4% notes, 7¼% notes, floaters
By Angela McDaniels
Tacoma, Wash., June 8 - Interpublic Group of Cos., Inc. has begun cash tender offers for its $250 million 5.4% notes due 2009, $500 million 7¼% notes due 2011 and $250 million floating-rate notes due 2010, according to a company news release.
The company is offering to purchase any and all of the 5.4% notes and up to $500 million in total of the 7¼% notes and floating-rate notes.
If the total principal amount of 7¼% notes and floating-rate notes tendered exceeds $500 million, Interpublic will accept all tendered 7¼% notes and will accept floating-rate notes on a pro rata basis.
For each $1,000 principal amount, the purchase price is $1,010 for the 5.4% notes, $1,040 for the 7¼% notes and par for the floating-rate notes. Noteholders will also receive accrued interest up to but excluding the settlement date.
In each case, the payment include an early tender premium of $30 per $1,000 principal amount of notes paid only to holders who tender by 5 p.m. ET on June 19.
The tender offers will expire at midnight ET on July 6.
The offers are subject to conditions that include the successful completion of a financing transaction for at least $500 million. They are not contingent on the tender of a minimum principal amount of notes.
Interpublic said it plans to fund the payment of the purchase price with the proceeds of the new financing transaction plus available cash.
Morgan Stanley & Co. Inc. (800 624-1808 or 212 761-5384) and Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) are the dealer managers.
Global Bondholder Services Corp. (866 540-1500 or 212 430-3774) is the information agent.
Interpublic is a New York-based advertising agency and marketing services company.
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