Interpublic today announced that it raised $640M via the sale of senior notes due 2030 to retire all or a portion of $500M in debt due this year and next.
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The ad/PR conglom also arranged a new $500M 364-day credit line to bolster its existing $1.5B facility.
CEO Michael Roth said the moves fortify IPG's financial stability in light of current market uncertainty.
He said IPG is dealing with the COVID-19 outbreak "by taking steps to ensure the safety of our employees, while developing creative ideas to protect the health and well-being of our communities, and setting up our people to help them do their best work for our clients while working remotely."
IPG owns PR firms Weber Shandwick, Golin, DeVries Global, Powell Tate, Current Global and PMK•BNC.
QVC Group is using Joele Frank for strategic communications as the TV home shopping pioneer declares Chapter 11.
Publicis Groupe reported 4.5 percent Q1 organic growth in net revenues to $4.1B despite the volatile macro environment.
PondelWilkinson, the Los Angeles-based IR and strategic communications shop, has expanded to the East Coast by adding Anreder & Company veterans following the retirement of principal Steven Anreder.
Teneo represents American Ocean Minerals Corp as its merges with NASDAQ-listed Odyssey Marine Exploration to create a $1B deep-sea critical minerals research and mining platform that is under US-control.
Kekst CNC represents Cleveland-based Everstream as the business-only fiber network receives bankruptcy court approval for the sale of almost all of its operations to Bluebird Fiber for $385M.
