ICG makes cash call

Intermediate Capital Group (ICG), the quoted mezzanine specialist, is raising £82m via a two-for-one share placement. The new capital will be used to increase the group's deal-doing capacity and follows a survey by Mezzanine Management and Initiative Europe showing that LBO deals have doubled the size of the mezzanine market in the past six months. The news follows a 23% rise in pre-tax profits to £32m in the six months to July 1 2003 and the recent close of Eurocredit CDO III on E250m (See page 5). According to managing director Tom Attwood, ICG also plans to open offices in Madrid and Stockholm in the coming six months.

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