Interpublic calls all $350 million 6.25% notes for May 5 redemption

By Angela McDaniels

Tacoma, Wash., April 3 - Interpublic Group of Cos., Inc. will redeem all of its $350 million 6.25% senior notes due 2014 on May 5, according to an 8-K filing with the Securities and Exchange Commission.

The redemption price will be the greater of (a) par or (b) the sum of the present values of the remaining principal and interest payments discounted to the redemption date on a semiannual basis at the adjusted Treasury rate plus 30 basis points. Holders will also receive accrued interest.

The redemption will be funded with proceeds of the company's $500 million offering of 4.2% senior notes due 2024.

New York City-based Interpublic is a group of advertising agencies and marketing services companies.

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