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NEW YORK _ - Advertising and marketing services provider Interpublic Group of Cos. Inc. said Monday that it entered into a three-year revolving credit facility with a syndicate of banks for borrowings of up to $335 million.
| IPG | 3.67 |  0.58 |
Of that amount, $200 million is available for the issuance of letters of credit. The facility will allow that company to increase the aggregate commitment to $485 million if lenders agree to additional commitments.
The credit agreement will expire in July 2011.
The company can use the money for general business purposes.
Citibank NA acted as administrative agent for the lenders, and J.P. Morgan Chase Bank NA acted as syndication agent. HSBC Bank USA, National Association and ING Capital LLC acted as co-documentation agents, and Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. acted as joint lead arrangers and joint book managers.
Shares of the company added 11 cents to $7.84 in morning trading.
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