m_and_a
confidence high
sentiment neutral
materiality 0.80
IPG note exchange early participation: 93.2% tendered; covenant amendments adopted pending Omnicom merger
INTERPUBLIC GROUP OF COMPANIES, INC.
- Holders of 89.67% of 2028 notes, 90.22% of 2030 notes, 91.37% of 2031 notes, 92.19% of 2033 notes, 98.77% of 2041 notes, and 97.57% of 2048 notes tendered by Early Tender Date.
- Total $2.75B of $2.95B aggregate IPG notes tendered (93.22%); majority consent obtained for each series, making consents irrevocable.
- Proposed amendments eliminate certain covenants, restrictive provisions, and events of default from each series of IPG notes.
- Amendments become operative only on settlement date of exchange offers, which is conditioned on completion of Omnicom's merger with IPG.
- Eligible holders who tendered by Early Tender Date receive $1,000 principal of new Omnicom notes per $1,000 IPG notes plus $1.00 cash consent payment.
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