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Interpublic Group last week raised $800 million to refinance a troublesome zero-coupon issue that is coming due this December.
The holding company originally quoted the offering as a $700 million issue, but allowed its underwriter to sell $100 million more because of demand for the 20-year convertible senior notes, which pay 4.5 percent interest. The sale takes some pressure off IPG, whose credit rating was relegated to junk status on March 7 by Standard & Poor’s.
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