Interpublic Group calls all $361 million 1.875% convertibles

By Caroline Salls

Pittsburgh, Nov. 18 - The Interpublic Group of Cos. Inc. said it will redeem all $361 million of its outstanding 1.875% convertible subordinated notes due 2006 at a price of $959.95 per $1,000 principal amount of notes plus accrued interest.

The redemption date is Dec. 17.

Holders may convert their notes into shares of Interpublic common stock at a conversion rate of 17.616 shares per $1,000 principal amount of notes until the close on Dec. 16.

Interpublic stock closed at $12.37 Thursday.

Interpublic is a New York-based leading organization of advertising agencies and marketing services companies.

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