NEW YORK, June 13 /PRNewswire-FirstCall/ -- Omnicom Group Inc. (NYSE: OMC) announced today that it will pay $27.50 per $1,000 of its Zero Coupon Zero Yield Convertible Notes due 2033 to each holder of Notes who (i) has not, as of immediately following the close of business on June 15, 2006, exercised its right pursuant to the Indenture to require Omnicom to repurchase its Notes or, if exercised, has withdrawn such exercise by the close of business on June 16, 2006, and (ii) has delivered and not withdrawn a valid consent to the amendments described below prior to the close of business on June 27, 2006. The payment will be made as promptly as practicable following June 27, 2006 to all consenting holders.
The proposed amendments to the Notes provide for, among other things, (i) extending the maturity date of the Notes to July 1, 2038; (ii) extending the contingent cash interest payment dates through June 15, 2038; (iii) extending the holders' put rights to include June 15, 2033, 2034, 2035, 2036 and 2037; (iv) extending the conversion rights associated with the Notes to July 1, 2038; and (v) amending the comparable yield to be determined on the effective date of the consent solicitation, which we currently estimate will be 7.00% (equal to the current yield on the 30-year treasury note plus 1.99%).
Only consenting holders will be bound by the amendments to the Indenture and the Notes.
The Consent Solicitation Statement relating to the consent solicitation and proposed amendments is available on our website at http://www.omnicomgroup.com/investorrelations/bondnotice or by calling Omnicom at (212) 415-3393.
Omnicom Group Inc. (NYSE: OMC) (hhttp://www.omnicomgroup.com) is a leading global marketing and corporate communications company. Omnicom's branded networks and numerous specialty firms provide advertising, strategic media planning and buying, direct and promotional marketing, public relations and other specialty communications services to over 5,000 clients in more than 100 countries.
Omnicom Group Inc.
Katie Beaule [email protected]