The move could signify the group's intention of remaining independent. It has often been mooted as a takeover target because of its prize asset -- the Carat media-buying network, the largest independent media agency in the world. This speculation intensified after Publicis Groupe announced it was buying B|Com3.
In a statement, Aegis said: "The net proceeds of the issue, after expenses, will be used for a combination of the payment of earn-out obligations of approximately £30m and refinancing maturing bank debt. It will also enhance Aegis's flexibility for funding future acquisitions in line with the group's stated strategy of building its global media and market research businesses."
Shares in Aegis, which have been steadily rising in recent weeks, were trading down 3.2% this morning at 115p.
The bonds mature in 2006, with a conversion price of between 25% and 30% of the price of Aegis's ordinary shares at the time of pricing. It has appointed ABN AMRO Rothschild as broker on the issue.
Last month, Aegis chief executive Doug Flynn warned that the group expected the difficult trading conditions to continue.
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