Interpublic in $400 Million Convertible Note Exchange
November 15, 2006
Cleary Gottlieb represented The Interpublic Group of Companies, Inc. in the privately negotiated exchange of $400 million of its existing 4.50% convertible senior notes due 2023, for an equal principal amount of its new 4.25% convertible senior notes due 2023. UBS Securities LLC acted as dealer manager for the exchange, which closed on November 15.
The exchange, conducted as an exempt transaction under Section 4(2) of the Securities Act, was available to a limited number of qualified institutional buyers that held existing Interpublic debt.
Interpublic is one of the world’s leading organization of advertising agencies and marketing services companies. Major global brands include DraftFCB Group, FutureBrand, GolinHarris International, Initiative, Jack Morton Worldwide, Lowe Worldwide, MAGNA Global, McCann Erickson, Momentum, MRM, Octagon, Universal McCann and Weber Shandwick. Leading domestic brands include Campbell-Ewald, Carmichael Lynch, Deutsch, Hill Holliday, Mullen and The Martin Agency.