Internet Capital Group to tender for up to $200 mln principal converts

By Peter Heap

New York, Sept. 28 - Internet Capital Group, Inc. announced a modified dutch auction tender offer for up to $200 million principal amount of its 5 ½% convertible subordinated notes due 2004.

The Wayne, Pa.-based business-to-business e-commerce company said that if it buys the maximum amount it would account for about 35% of the outstanding principal amount of the notes.

Internet Capital will use available cash to finance the purchases.

The company will pay between $200 to $250 for the notes, with the level being set in the dutch auction as the lowest necessary to buy the target amount of securities. All purchases will be at the same price.

Expiration of the offer is 12 midnight ET on Oct. 29 unless extended.

Credit Suisse First Boston is acting as dealer manager, D.F. King & Co., Inc. as information agent, and Chase Manhattan Trust Co., NA as depositary for the offer.

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