Omnicom begins consent solicitation for zero-coupon zero-yield convertibles

By Angela McDaniels

Tacoma, Wash., July 30 - Omnicom Group Inc. began a consent solicitation for its zero-coupon zero-yield convertible notes due 2032 that will expire on Aug. 28, according to a company news release.

The consents would allow the company to amend the note indenture to have noteholders waive their right to contingent cash interest, if payable, from Oct. 31 through Aug. 1, 2010 and to eliminate Omnicom's right to redeem the notes prior to Aug. 2, 2010.

The company said it will pay $25 per $1,000 principal amount of notes to holders who deliver consents and do not exercise their put rights on July 31.

Omnicom is a marketing and corporate communications company based in New York.

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