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IPG > SEC Filings for IPG > Form 8-K on 17-Dec-2013All Recent SEC Filings

Show all filings for INTERPUBLIC GROUP OF COMPANIES, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for INTERPUBLIC GROUP OF COMPANIES, INC.


17-Dec-2013

Entry into a Material Definitive Agreement, Financial Statem


Item 1.01. Entry into a Material Definitive Agreement.

On December 12, 2013, The Interpublic Group of Companies, Inc. (the "Company") entered into an amendment and restatement (the "Amendment") of the Company's credit agreement originally dated as of July 18, 2008, amended and restated as of April 23, 2010, further amended and restated as of May 31, 2011, and further amended as of November 6, 2012 (as further amended and restated pursuant to the Amendment, the "Credit Agreement"). Under the Amendment, the revolving commitments under the Credit Agreement remain $1 billion, and the maturity date was extended to December 12, 2018. The Company continues to have the ability, to increase the commitments under the Credit Agreement from time to time by an additional amount of up to $250 million, provided the Company receives commitments for such increases and satisfies certain other conditions.

Pursuant to the Amendment, the cost structure was reduced. Based on the Company's current credit ratings, the applicable margin for Eurocurrency Rate borrowings (as defined in the Credit Agreement) is 1.275% and the facility fee payable on a lender's revolving commitment is 0.225%.

Financial covenants contained in the Credit Agreement were also modified. The Company is required to maintain, as of the end of each fiscal quarter: (i) an interest coverage ratio of not less than 5.00 to 1.00 for the period of four fiscal quarters then ended; and (ii) a leverage ratio of not more than 3.25 to 1.00 for the period of four fiscal quarters then ended.

The foregoing description is qualified in its entirety by reference to the Credit Agreement, attached hereto as Exhibit 10.1, which is incorporated herein by reference.



Item 9.01. Financial Statements and Exhibits.

  Exhibit   Credit Agreement, dated as of July 18, 2008, as amended and restated
  10.1:     as of April 23, 2010, as further amended and restated as of May 31,
            2011, as further amended as of November 6, 2012 and as further amended
            and restated as of December 12, 2013 among The Interpublic Group of
            Companies, Inc., the lenders named therein and Citibank, as
            administrative agent.

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