Interpublic tenders for 0% convertibles due 2012

New York, March 10 - The Interpublic Group of Companies, Inc. announced a tender offer for any and all of its 0% convertible senior notes due 2021.

The New York-based advertising company is offering to pay 82.9876% of the principal amount at maturity for the notes.

Interpublic's offer runs through midnight ET on April 4 unless extended.

Completion of the tender is subject to various conditions including the company receiving gross proceeds of at least $600 million from its offering of new convertibles.

In total, Interpublic said it would need $582.5 million if all the outstanding notes are tendered.

Holders may also convert their notes at the rate of 22.8147 shares of Interpublic stock per note, equivalent to a stock price of $43.83. Interpublic stock closed at $8.01 on Monday.

For those who do not tender, the notes are putable at 83.564 on Dec. 14, 2003 for cash.

Salomon Smith Barney (call Tim Drain collect at 212 723-7406 or toll free at 877 531-8365) is the dealer manager for the offering, Mellon Investor Services LLC (banks and brokers call 917 320-6286, others call toll free 866 8878) is the information agent and the despositary.

Talk America prepays $1.2 million convertibles

New York, March 10 - Talk America said it prepaid $1.2 million of its 8% convertible notes due 2006.

The Reston, Va. communications company said the transaction was carried out in conjunction with open market repurchases of $3.0 million principal amount of its 12% senior subordinated notes due 2007.

On Feb. 15 Talk America said it prepaid $1.5 million of the convertibles in connection with the repurchase of $4.0 million of the senior subordinated notes

Arris continues convertible repurchases, now $11.5 million outstanding

New York, March 10 - Arris Group, Inc. said it has continued to repurchase its 4½% convertible subordinated notes due May 15, 2003 and had $11.5 million of them outstanding as of March 5.

The Duluth, Ga. broadband network and data and telephony systems company said in a filing with the Securities and Exchange Commission that it plans to buy back the rest either ahead of or on their upcoming maturity date.

Between Jan. 1 and March 5, Arris said it repurchased $12.4 million of the convertibles for cash at par.

The company originally issued $115 million of the securities in 1998.

Arris noted its credit facility imposes conditions on its ability to buy or redeem the convertibles but added that it currently meets the requirements and expects to continue to do so.

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