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Publicis Groupe is the latest industry company to take advantage of the hot market for convertible bonds. Last week in Paris, the holding company offered $699 million in five-year convertible bonds exchangeable into Publicis shares.
The bond issue may be raised to a maximum of $762.5 million if an over-allotment option is exercised. The issue has an annual coupon of 0.75 percent, and the bond’s value was set at $33, a 23.1 percent conversion premium.
The French holding company said it would use the proceeds to refinance existing debt and cut its funding needs.
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