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Bond Issue Expected to Raise $500 Million

By Published on .

NEW YORK (AdAge.com) -- Interpublic Group of Cos. announced it will use the proceeds from an upcoming bond issue to refinance its debt load.

The issue of zero-coupon 20-year convertible notes -- which would convert to Interpublic stock, subject to certain conditions -- is expected to raise $500 million.

Interpublic's management said the company is taking advantage of market conditions to reduce its borrowing costs.

Interpublic has $1.68 billion in debt, according to Credit Suisse First Boston.

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