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|Interpublic Announces Completion of Redemption of 10.00% Senior Notes Due 2017|
New York, NY - July 15, 2013 - Interpublic Group (NYSE: IPG)today announced the completion of the redemption of all $600 million in aggregate principal amount of its 10.00% Senior Notes due 2017. The total cash payment to redeem the Notes was $630 million. Interpublic first announced the redemption on June 14, 2013.
"In calling our $600 million 10.00% Notes, which we pre-funded last year with some of the lowest cost debt ever issued by our company, we'll see significantly lowered interest expense going forward," commented Michael I. Roth, Chairman and Chief Executive Officer of Interpublic. "Combined with the retirement of the 4.75% convertible notes in March, these actions further improve the capital structure of our our company and are consistent with our continued objective of enhancing shareholder value for the long-term."
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This release contains forward-looking statements. Statements in this release that are not historical facts, including statements about management's beliefs and expectations, constitute forward-looking statements. These statements are based on current plans, estimates and projections, and are subject to change based on a number of factors, including those outlined under Item 1A, Risk Factors, in our most recent Annual Report on Form 10-K. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, the following:
· potential effects of a challenging economy, for example, on the demand for our advertising and marketing services, on our clients' financial condition and on our business or financial condition;
Investors should carefully consider these factors and the additional risk factors outlined in more detail under Item 1A, Risk Factors, in our most recent Annual Report on Form 10-K.