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Moody's rates Interpublic convertibles Ba3
Moody's Investors Service said it assigned a Ba3 rating (LGD4, 66%) to Interpublic Group of Cos., Inc.'s $200 million 4.75% convertible senior notes due 2023, which are putable and callable on March 15, 2013.
The convertibles were issued in exchange for the company's $400 million 4.5% convertible senior notes due 2023, which are putable on March 15, 2008.
"In exchanging the notes, Interpublic improves its already strong liquidity profile of $1.5 billion of cash and marketable securities on hand plus $750 million revolver availability as of Sept. 30, by pushing out the put date on $200 million of convertible notes from March 15, 2008 to March 15, 2013," Neil Begley, Moody's senior vice president, said in a written statement.
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