Internet Capital calls 5½% convertibles

New York, May 10 - Internet Capital Group Inc. said it will redeem its remaining $39.1 million principal amount of 5½% convertible subordinated notes due December 2004 on June 24.

Funding for the redemption will come from the Wayne, Pa., internet incubator's private placement of $60 million 5% convertible notes due 2009.

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