Benzinga | Feb 24, 2021 07:56AM EST

Interpublic Raises $1B For Debt Refinancing

* Advertising and marketing company Interpublic Group of Companies Inc (NYSE: IPG) priced $500 million 2.4% Senior Notes due 2031 and $500 million 3.375% Senior Notes due 2041 in a debt offering to raise $988 million.

* The company intends to utilize the offering proceeds to repay debt, including the $250 million of its 4% senior notes due 2022, the $500 million 3.75% senior notes due 2023, $500 million 4.20% senior notes due 2024. IPG may repay the 2022 Notes, 2023 Notes, and 2024 Notes over 100% of their respective principal amount, including interest. The premium for the repayment of the notes will be funded with cash on hand.

* IPG may invest the proceeds in short-term interest-bearing accounts, securities, or similar investments.

* The offering is expected to close on February 25, 2021.

* Citigroup Global Markets, BofA Securities, and Morgan Stanley are the joint book-running managers for the offering.

* IPG shares have gained 52% in the last six months.

* Price action: IPG shares closed higher by 0.34% at $26.58 on Tuesday.