Omnicom locks in $2.5 billion revolver at Libor plus 67 to 125 bps

By Susanna Moon

Chicago, Oct. 13 - Omnicom Group Inc. filed more details of its $2.5 billion five-year multiyear revolving credit facility in an 8-K filing with the Securities and Exchange Commission.

The interest rate will be Libor plus 67 basis points to 125 bps, based on credit ratings by Standard & Poor's and Moody's Investors Service.

Omnicom amended its five-year credit agreement Wednesday with Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Bank of America Merrill Lynch as lead arrangers and book managers.

JPMorgan Chase Bank, NA and Bank of America, NA are syndication agents; HSBC Bank USA, NA, Wells Fargo Bank, NA and Banco Bilbao Vizcaya Argentaria, SA, New York Branch, are documentation agents; and Citibank, NA is administrative agent.

The company said Wednesday it extended the multiyear revolver to October 2016. There were no borrowings outstanding under the prior revolver as of Sept. 30.

Omnicom may boost the commitment by up to $500 million for total commitments of up to $3 billion, and up to $100 million may be in the form of letters of credit.

The marketing and corporate communications company is based in Greenwich, Conn., and New York.

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