NEW YORK, Jan. 22 /PRNewswire-FirstCall/ -- Omnicom Group Inc. (NYSE: OMC) announced today that it is seeking the consent of the holders of its Liquid Yield Option(TM) Notes Due 2031 (the "Notes") to amend the Notes and the related Indenture to, among other things, (i) have noteholders waive their right to contingent cash interest, if payable, from April 30, 2009 through and including January 31, 2012 and (ii) eliminate Omnicom's right to redeem the Notes prior to February 1, 2011. The consent solicitation will expire on February 20, 2009.
Pursuant to the consent solicitation, Omnicom will make a cash payment equal to $50.00 per $1,000 aggregate principal amount of Notes, as follows:
-- as promptly as practicable after February 11, 2009, to a noteholder who (i) has not, as of immediately following the close of business on February 4, 2009, exercised its right pursuant to the Indenture to require Omnicom to repurchase its Notes (the "Put Right') or, if exercised, has withdrawn such exercise by the close of business on February 6, 2009, and (ii) has delivered and not withdrawn a valid consent to the amendments described above prior to the close of business on February 11, 2009; or
-- as promptly as practicable following February 20, 2009 (the expiration date of the consent solicitation), to a noteholder who (i) has not, as of immediately following the close of business on February 4, 2009, exercised its Put Right or, if exercised, has withdrawn such exercise by the close of business on February 6, 2009, and (ii) has delivered and not withdrawn a valid consent to the amendments described above after February 11, 2009 and prior to the close of business on February 20, 2009.
This press release is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consents with respect to any Notes, nor is this announcement an offer or solicitation of an offer to sell new securities. The consent solicitation is being made solely by the Consent Solicitation Statement, copies of which are available from Omnicom on its website or by calling Omnicom at (212) 415-3393.
Omnicom Group Inc. (NYSE: OMC) (http://www.omnicomgroup.com). Omnicom is a leading global marketing and corporate communications company. Omnicom's branded networks and numerous specialty firms provide advertising, strategic media planning and buying, digital and interactive marketing, direct and promotional marketing, public relations and other specialty communications services to over 5,000 clients in more than 100 countries.
SOURCE Omnicom Group Inc.
01/22/2009 CONTACT: Randall Weisenburger, +1-212-415-3393
Katie Beaule [email protected]