Internet Capital cuts convertibles to $51.9 million

New York, Feb. 19 - Internet Capital Group Inc. said it has cut the outstanding amount of its 5½% convertible subordinated notes due December 2004 to $51.9 million as of Feb. 18.

At the Wayne, Pa., information technology company's last report on Jan. 23 it had $96.8 million outstanding after a series of exchanges for common stock.

"Considering our current liquidity position and refinancing opportunities, we are confident that we will satisfy our convertible debt obligations at or prior to maturity," said chairman and chief executive officer Walter Buckley in a news release. "This will enable us to fully focus our resources on building our key partner companies, which we believe will result in long-term stockholder value."

As of Feb. 18, Internet Capital had $48.6 million of cash.

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