Interpublic forces conversion of all 5.25% series B convertibles

By Marisa Wong

Madison, Wis., Oct. 15 - The Interpublic Group of Co., Inc. said it is forcing conversion of all outstanding shares of its 5.25% series B cumulative convertible perpetual preferred stock into common shares, effective Oct. 17.

On the forced conversion date, holders will receive 77.8966 shares of common stock per series B preferred. Holders will also receive cash in lieu of fractional shares.

Currently 221,474 series B preferred shares are outstanding, according to an 8-K filing with the Securities and Exchange Commission.

Dividends on the series B preferreds, totaling $2.9 million quarterly or $11.6 million annually, will cease to accumulate on the forced conversion date.

The company previously announced that holders of record at the close of business on Oct. 1 will receive a dividend of $13.125 per series B preferred on Oct. 15. No other payment or adjustment will be made upon conversion of the series B preferreds.

Interpublic is a New York-based provider of advertising and marketing services.

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