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Shares Drop on NYSE

By Published on .

NEW YORK (AdAge.com) -- Publicis Group announced it will issue convertible bonds worth approximately 600 million Euro, or $535 million, as part of an effort to refinance debt.

The 16-year bonds will begin trading Jan. 18 in France and will be offered to institutional investors outside France as private placement.

A shareholders' meeting held Wednesday in Paris authorized the company's board to issue convertible bonds worth up to 800 million Euro, or $713 million.

The news did not please U.S. investors: Publicis American Depository Receipt Shares lost 2.74% on the New York Stock Exchange to close at $26.26, down 74 cents.

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