Interpublic Announces Pricing of $600 Million Senior Notes Offering
NEW YORK--(BUSINESS WIRE)--Nov. 15, 2004--The Interpublic Group of Companies, Inc. (NYSE:IPG) today announced that it had entered into agreements, subject to standard closing conditions, to sell $250 million 5.40% senior notes due 2009 and $350 million 6.25% senior notes due 2014. The offering is scheduled to close on November 18, 2004. The aggregate net proceeds of the offering will be approximately $594 million. Citigroup Global Markets Inc., J.P. Morgan Securities Inc. and UBS Securities LLC are the joint book-running managers in the offering.
Interpublic intends to use the proceeds from the offering to purchase up to $250 million principal amount of its 7.875% notes due 2005 pursuant to a cash tender offer also announced today, and redeem in full its 1.87% convertible subordinated notes due 2006.
Interpublic's long-term debt is rated Baa3 (Stable) by Moody's Investors Services, BB+ (Negative CreditWatch) by Standard & Poor's and BB+ (Stable) by Fitch.
Copies of the prospectus supplement for the offering can be obtained from Citigroup Global Markets, Inc. (Prospectus Department, 140 58th Street, Brooklyn, NY 11220, phone: (718) 765-6732), J.P. Morgan Securities Inc. (Syndicate Desk, phone: (212) 834-4533) and UBS Securities LLC (Attention: Tony Colorafi, 677 Washington Blvd., Stamford, CT 06901, phone: (203) 719-1088).
Nothing herein shall constitute an offer to sell or the solicitation of an offer to buy the notes, nor shall there be any sale of the notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such state or jurisdiction.
Interpublic is one of the world's leading organizations of advertising agencies and marketing-services companies. Major global brands include Draft, Foote, Cone & Belding Worldwide, GolinHarris International, Initiative, Jack Morton Worldwide, Lowe & Partners Worldwide, McCann Erickson, Octagon, Universal McCann and Weber Shandwick Worldwide. Leading domestic brands include Campbell-Ewald, Deutsch and Hill Holliday.
CONTACT: The Interpublic Group of Companies, Inc.
Julie Tu, 212-827-3776
Media, Analysts, Investors:
Philippe Krakowsky, 212-704-1328
Jerry Leshne, 212-704-1439
SOURCE: The Interpublic Group of Companies, Inc.