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.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
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