Fitch rates Intermediate Capital bonds BBB

Fitch Ratings said it assigned Intermediate Capital Group plc's senior unsecured sustainability-linked €500 million bond issue with expected maturity of between eight to 10 years an expected rating of BBB.

The notes require certain sustainability KPIs to be met by Dec. 31, 2027 or a step-up event will occur.

Fitch expects the bond proceeds to be used to pre-finance £160 million of debt maturing in 2023 with the remainder used for general corporate purposes.

“We do not expect a material impact on leverage as a result of this transaction and we expect gross debt to tangible equity to be contained at under 1.0x (end-1H22: 0.8x, excluding the borrowing in ICG's CLO funds),” Fitch said in a news release.

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