Havas Launches $320 Million Bond Issue

BOSTON–Havas has launched a $320 million bond issue on the French stock exchange, an offering the Paris-based holding company says is designed to help improve the structure of its debt and back future acquisitions for its three agency networks: Arnold, Euro RSCG and Media Planning Group. The bond issue is not available to U.S. investors.

Company shares have been trading at $7-8 on both the French Bourse and U.S. Nasdaq stock exchanges.

Havas has been under growing pressure to compete in the global marketplace in light of the pending Publicis-Bcom3 deal. The company last week said its first-quarter 2002 revenue was $460 million, an 8 percent decline compared with the same period a year ago.