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Interpublic Group of Companies, Inc. (INPGP)

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Last Post: 9/24/2009 5:14:17 PM - Followers: 2 - Board type: Free - Posts Today: 0



IPG — Interpublic Group of Companies, Inc. Common Stock

INPGP — Interpublic Group of Companies, Inc. 

Preferred Stock - Perp. Pfd Conv. Series B 5.25%


Each share of our 5.25% Series B Cumulative Convertible Perpetual Preferred Stock (“Series B Preferred Stock”) has a liquidation preference of $1,000 per share and is convertible at the option of the holder at any time into 73.1904 shares of our common stock, subject to adjustment upon the occurrence of certain events, which represents a conversion price of $13.66. On or after October 15, 2010, each share of the Series B Preferred Stock may be converted at our option if the closing price of our common stock multiplied by the conversion rate then in effect equals or exceeds 130% of the liquidation preference of $1,000 per share for 20 trading days during any consecutive 30 trading day period. Holders of the Series B Preferred Stock will be entitled to an adjustment to the conversion rate if they convert their shares in connection with a fundamental change meeting certain specified conditions. The Series B Preferred Stock is junior to all of our existing and future debt obligations and senior to our common stock, with respect to payments of dividends and rights upon liquidation, winding up or dissolution, to the extent of the liquidation preference of $1,000 per share.

The terms of our Series B Preferred Stock do not permit us to pay dividends on our common stock unless all accumulated and unpaid dividends on the Series B Preferred Stock have been or contemporaneously are declared and paid, or provision for the payment thereof has been made. We paid dividends of $27.6, or $52.50 per share, on our Series B Preferred Stock during 2008. Regular quarterly dividends, if declared, are $6.9, or $13.125 pershare. Dividends on each share of Series B Preferred Stock are payable quarterly in cash or, if certain conditions are met, in common stock, at our option, on January 15, April 15, July 15 and October 15 of each year. Dividends on our Series B Preferred Stock are cumulative from the date of issuance and are payable on each payment date to the extent that we have assets that are legally available to pay dividends and our Board of Directors or an authorized committee of our Board declares a dividend payable.

The terms of the Series B Preferred Stock include an embedded derivative instrument, the fair value of which as of December 31, 2008 and 2007 was negligible.

In accordance with EITF 03-6, the Series B Preferred Stock is not considered a security with participation rights in earnings available to common stockholders due to the contingent nature of the conversion feature of these securities.




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#11 Soapy Bubbles 09/24/09 05:14:17 PM
#10   Interpublic Declares Dividend on Series B Preferred Stock Soapy Bubbles 09/19/09 02:41:56 PM
#9   Hmm... Up about 300 since the call... not Soapy Bubbles 08/29/09 12:04:45 PM
#8   Just a post. Soapy Bubbles 08/29/09 12:04:09 PM
#7   Anyone find a better chart? Soapy Bubbles 06/22/09 12:26:28 AM
#6   Approaching LBB... Soapy Bubbles 05/13/09 10:48:03 PM
#5   Well, I like to purchase and convert on Soapy Bubbles 04/16/09 10:54:24 PM
#4   u always have the most unusual boards SB Epic 04/16/09 10:39:20 PM
#3   But convertible... could be good money. Soapy Bubbles 04/16/09 10:20:02 PM
#2   Just driving by... quite interesting... rather rich for Pro-Life 04/16/09 10:04:47 PM
#1   DDing. Soapy Bubbles 04/16/09 08:33:50 PM