Global advertising company Interpublic Group (IPG) has increased its cash holdings to protect against economic fallout from the coronavirus pandemic.
It has closed a public $US650 million corporate bond offering and arranged a new $US500 million credit facility with a consortium of banks.
This is on top of the company's existing $US1.5 billion line of credit.
Cash is king in an advertising market clouded by the impact of the coronavirus. In Australia, WPP AUNZ withdrew dividend payments to bolster its cash position.
"These actions we completed today fortify our financial stability in light of current market uncertainty,” says CEO Michael Roth.
“As the world responds to the outbreak of COVID-19, our thoughts are with the people affected and the medical professionals working around the clock to help those most in need.
"At IPG, we’re working to do our part by taking steps to ensure the safety of our employees, while developing creative ideas to protect the health and well-being of our communities, and setting up our people to help them do their best work for our clients while working remotely."
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