NEW YORK, June 7 /PRNewswire-FirstCall/ -- Omnicom Group Inc. (NYSE: OMC) announced today that it is amending the provisions of its Zero Coupon Zero Yield Convertible Notes due 2033 (the "2033 Notes") and its Zero Coupon Zero Yield Convertible Notes due 2038 (the "2038 Notes" and, together with the 2033 Notes, the "Notes") to limit when Omnicom can exercise its redemption option.
Omnicom had the right to redeem the Notes beginning on June 15, 2010 and any time thereafter. The amendment will permit Omnicom to redeem the Notes only on the following dates between 2010 and 2018: June 15, 2010, June 17, 2013 and June 15, 2018. On or after June 15, 2018, Omnicom will revert back to its right to redeem the Notes at any time.
Under the terms of the indenture governing the Notes, Omnicom will notify holders at least 30 days prior to any redemption. The effect of the amendments during the eight-year period from 2010 to 2018 will be to permit noteholders to know with certainty whether Omnicom intends to redeem the Notes before deciding whether to exercise their right to require Omnicom to repurchase their Notes.
Omnicom Group Inc. (NYSE: OMC) (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, 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.