Internet Capital buys back $20 million 5% convertibles

New York, Oct. 26 - Internet Capital Group, Inc. said it has agreed to buy back $20 million principal amount of its 5% convertible notes due April 2009 for $24.7 million in cash.

Following the repurchase, the Wayne, Pa., internet incubator will have $40 million of the notes outstanding.

Internet Capital also obtained consents from holders of the notes to amend the covenants to give it flexibility in managing, hedging and monetizing publicly traded securities.

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