Interpublic Prices Offering of $1.0 Billion Aggregate Principal Amount of Senior Notes

By Benzinga13 days ago

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New York, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Interpublic Group (NYSE:IPG) today announced that it has priced a registered public offering of $500 million aggregate principal amount of its 2.400% Senior Notes due 2031 (CUSIP Number 460690 BT6) and $500 million aggregate principal amount of its 3.375% Senior Notes due 2041 (CUSIP Number 460690 BS8) (collectively, the “Notes“). The offering of the Notes is expected to close on February 25, 2021, subject to customary closing conditions. The net proceeds are expected to be approximately $988 million after discounts, commissions and estimated offering expenses. The Company plans to use the net proceeds from the offering to retire certain of its outstanding indebtedness, which includes the redemption or repurchase of all or a portion of (i) the $250 million aggregate principal amount of its 4.00% senior notes due 2022 (the “2022 Notes“), (ii) the $500 million aggregate principal amount of its 3.75% senior notes due 2023 (the “2023 Notes“) and (iii) the $500 million aggregate principal amount of its 4.20% senior notes due 2024 (the “2024 Notes“). IPG may redeem each of the 2022 Notes, 2023 Notes and 2024 Notes at the greater of 100% of their respective principal amount and a make-whole amount, plus accrued interest. The offering of the Notes in combination with the redemption or repurchase of the 2022 Notes, 2023 Notes and 2024 Notes is intended to be leverage-neutral overall. The applicable premium payments made in connection with the redemption or repurchase of the 2022 Notes, 2023 Notes and 2024 Notes will be funded with cash on hand. Pending such use, IPG may invest the net proceeds in short-term interest-bearing accounts, securities or similar investments. No statement contained in this press release shall constitute a notice of redemption under the indenture governing the 2022 Notes, ...

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