Interpublic to Redeem Its 7 7/8% Notes Due 2005
NEW YORK--(BUSINESS WIRE)--July 27, 2005--The Interpublic Group of Companies, Inc. (NYSE: IPG) announced today that it is exercising its option to redeem all of its outstanding 7 7/8% Notes due 2005 (CUSIP No. 460690AK6) (the "Notes"), of which an aggregate principal amount of $250,000,000 are outstanding.
The redemption date will be August 26, 2005. The redemption price will be equal to the greater of (i) 100% of the principal amount of the Notes, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes (not including any portion of such payments of interest accrued as of the redemption date) discounted to the redemption date on a semiannual basis at the adjusted treasury rate (as defined in the Notes), plus twenty basis points, as calculated by an independent investment banker (as defined in the Notes) plus, in either case, accrued and unpaid interest to, but excluding, the redemption date. The adjusted treasury rate will be calculated on the third business day preceding the redemption date.
On the redemption date, the redemption price will become due and payable. Interest on the Notes will cease to accrue on and after the redemption date. Payment of the redemption price plus accrued interest will be made upon presentation and surrender of the Notes at the principal payment office of the trustee:
The Bank of New York 111 Sanders Creek Parkway East Syracuse, New York 13057 Attention: Redemption Unit
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, FutureBrand, GolinHarris International, Initiative, Jack Morton Worldwide, Lowe Worldwide, MAGNA Global, McCann Erickson, Octagon, Universal McCann and Weber Shandwick. Leading domestic brands include Campbell-Ewald, Deutsch and Hill Holliday.
CONTACT: The Interpublic Group of Companies, Inc. Julie Tu, 212-827-3776 or Media, Analysts, Investors: Philippe Krakowsky, 212-704-1328 or Analysts, Investors: Jerry Leshne, 212-704-1439 SOURCE: The Interpublic Group of Companies, Inc.