Internet Capital to buy back $2.905 million notes in tender offer

New York, Aug. 26 - Internet Capital Group, Inc. said it will buy back $2.905 million of its 5½% convertible subordinated notes due 2004 in its dutch auction tender offer. The company will pay $295 per $1,000 principal amount, the maximum it had offered.

In total, the Wayne, Pac. business-to-business e-commerce company will spend $886,710 to repurchase the notes including accrued interest.

Internet Capital had been offering to buy up to $143 million of the convertibles, accepting offers between $250 and $295 per $1,000 principal amount.

The tender expired at midnight ET on Aug. 23.

Credit Suisse First Boston Corp. was dealer manager, D.F. King & Co., Inc. was information agent, and J.P. Morgan Trust Co., NA was the depositary.

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