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.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
