June 16, 2009 (FinancialWire) — The Interpublic Group of Cos., Inc. (NYSE: IPG) has closed a private placement of $600 million of its 10.0% senior notes due 2017. The net proceeds were around $572 million after deducting discounts, commissions and estimated offering expenses.

The group plans to use proceeds from the offering to fund its ongoing tender offer to purchase outstanding 7.25% notes due 2011 and floating rate notes due 2010. Interpublic said that any funds raised in the offering but not used in the tender offer will be used for the repayment, repurchase or redemption of other indebtedness, general corporate purposes and working capital.

New York-based Interpublic is an organization of advertising agencies and marketing services companies. The company’s brands include Draftfcb, McCann Erickson, Momentum, and Weber Shandwick, among others.

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