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NEW YORK - Omnicom Group Inc. (NYSE:OMC) has extended the expiration date for its exchange offers of Interpublic Group of Companies, Inc. (NYSE:IPG) notes from Tuesday to September 30, 2025, the company announced. IPG, currently valued at $9.76 billion, has demonstrated strong financial management with an overall "GOOD" health score according to InvestingPro analysis.
The exchange offers, which were previously set to expire at 5:00 p.m. New York City time on Tuesday, involve six series of IPG’s outstanding notes totaling $2.95 billion in aggregate principal amount.
As of Monday, approximately $2.75 billion, or 93.21% of the outstanding notes, had been validly tendered. The highest participation rate was seen in IPG’s 3.375% Notes due 2041, with 98.77% tendered.
Omnicom had previously received sufficient consents to amend the existing IPG indentures on August 22, eliminating certain covenants and restrictive provisions. These amendments will become operative upon settlement, which is expected within two business days after the new expiration date.
The settlement remains contingent on the completion of Omnicom’s pending acquisition of IPG, announced in December 2024. According to the statement, the regulatory approval process for the merger "is continuing to progress and the companies expect to complete the transaction this year."
The exchange offers are available only to qualified institutional buyers under Rule 144A of the Securities Act and non-U.S. persons outside the United States under Regulation S.
The new Omnicom notes have not been registered under the Securities Act and may not be offered or sold except pursuant to an exemption from registration requirements.
BofA Securities, J.P. Morgan Securities, and Wells Fargo Securities are serving as lead dealer managers for the exchange offers.
This article is based on a press release statement from Omnicom Group Inc.
In other recent news, Omnicom Group has launched exchange offers for up to $2.95 billion in outstanding notes issued by The Interpublic Group of Companies as part of its pending acquisition of IPG. This exchange offer is tied to the $13.25 billion merger between Omnicom and Interpublic, which recently cleared a significant regulatory hurdle in the UK, bringing the deal closer to completion. The merger, first announced in December, is set to create the world’s largest advertising agency. In a separate development, Interpublic Group announced a strategic partnership with AI firm Aaru to enhance its marketing services through predictive simulations. Additionally, Interpublic Group declared a quarterly dividend of $0.33 per share, payable on September 16, 2025. On the financial analysis front, UBS lowered its price target for Interpublic Group to $25.60, citing the impact of AI on the company’s operations but maintained a Neutral rating. UBS noted that Interpublic’s AI-driven product innovation continues to boost performance in client pitches. These recent developments highlight significant changes and strategic moves within the advertising industry.
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