Omnicom launches exchange offers for IPG debt
Omnicom Group has commenced a series of exchange offers for all outstanding Interpublic Group, IPG, notes across six maturities, with a combined value of up to $2.95bn, as part of its pending merger with IPG.
The offers cover IPG’s 2028, 2030, 2031, 2033, 2041 and 2048 notes. Eligible holders who tender by the early deadline of 5:00 p.m. ET on August 22, 2025, and provide consent to amend indentures, will receive the “Total Exchange Consideration,” including early tender and consent payments. Holders tendering after the early deadline but before the September 9 expiration will receive a reduced exchange amount unless majority consents have already been secured.
In parallel, Omnicom is soliciting majority noteholder consent to remove certain covenants, restrictive provisions and events of default from the existing IPG indentures. The exchange offers and consent solicitations are contingent on the completion of the merger, expected to close following regulatory approvals.
New Omnicom Notes issued in the exchange will match the interest rates, maturities and payment schedules of the corresponding IPG notes but will carry different covenant structures. Minimum denominations are $2,000, with amounts rounded down to the nearest $1,000 and any balance settled in cash.
BofA Securities, J.P. Morgan Securities and Wells Fargo Securities are acting as dealer managers and solicitation agents.
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