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NEW YORK Interpublic Group said on Tuesday that it plans to issue an additional 28.9 million shares of stock in two offerings to raise an estimated $975 million. The money will be used to pay off debt and strengthen the company’s balance sheet.
About three-quarters of the shares (22.4 million) will take the form of common stock, while the remaining 6.5 million shares will be Series A mandatory convertible preferred stock, IPG said. The common stock offering is expected to raise $650 million and the convertible offering, about $325 million, according to IPG.
IPG’s
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