Intermediate Capital Group plc : Interim Manage...

Embargoed until 7.00am on Tuesday 10 July 2012

 

 

 

Intermediate Capital Group plc (ICG) releases its Interim Management Statement for the period to 9 July 2012

Highlights

• AUM rises 3.5% to €11.8 billion since beginning of the financial year 

• Resilient portfolio and strong pipeline of investment opportunities 

• Good progress on fund raising and fund launches 

• Debt extension completed; maturities extended to 2016  

Fund Management Company

Assets under management have increased 3.5% since the start of the financial year to €11.8 billion.

Mezzanine Funds

Our mezzanine portfolio performance continues to be resilient underpinning a solid performance for our mezzanine funds.

We have a strong pipeline of investment opportunities, closing three deals in the quarter and, are in exclusivity on a fourth.

Our Asia Pacific 2008 Fund supported the acquisition of SCF, a leading provider of specialist containers in the Australian market, in the quarter and is now 55% invested. This is our second ICG-sponsored transaction in Australia, following the acquisition of Ventura in the final quarter of last year.

Our European Fund V supported a management led secondary buy out of Symington's, a UK food business with a focus on value and convenience products. In addition, we acquired a £256 million portfolio of performing loans from a European bank on attractive terms.

We are making progress towards the €2bn target for European Fund V and the launch of a Longbow successor fund.

Credit Funds
Our credit portfolios have been defensively positioned and are showing resilience in the current market. As a result, our loan funds continue to deliver a strong performance, with default rates remaining minimal.

During the quarter we have continued to invest the expanded segregated mandate to manage a €350 million portfolio of senior loans on behalf of a European institution.

We are making good progress towards expanding our investment product range with the launch of two new credit fund products, ICG Senior Debt Partners and Total Credit.

Investment Company

The Investment Company's portfolio performance remains resilient, although, the general economic conditions are impacting a small number of our weaker assets.

A total of £41 million of principal repayments have been received in the quarter and £10 million of rolled up interest has been crystallised.

New investments totalling £88 million were made during the quarter. These primarily comprise the SCF and Symington transactions and the acquisition of the loan portfolio mentioned above.

Balance Sheet Funding
We have successfully completed the legal documentation for the extension of £640 million of debt that was maturing in May 2013 for a further three years. The balance sheet remains strong with unutilised bank lines of £449 million at 30 June 2012.

Investor enquiries

Christophe Evain, CEO, ICG       [phone]
Philip Keller, CFO, ICG       [phone]
Ian Stanlake, Investor Relations, ICG       [phone]

Media enquiries

Neil Bennett, Maitland       [phone]
Tom Eckersley, Maitland       [phone]

This Interim Management Statement has been prepared solely to provide additional information to shareholders and meets the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. The Interim Management Statement should not be relied on by any other party or for any other purpose.

This Interim Management Statement may contain forward looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this report and should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward looking information.

These written materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended, or an exemption therefrom. The issuer has not and does not intend to register any securities under the US Securities Act of 1933, as amended, and does not intend to offer any securities to the public in the United States.  No money, securities or other consideration from any person inside the United States is being solicited and, if sent in response to the information contained in these written materials, will not be accepted.

About ICG

Founded in 1989, ICG is a specialist investment firm and asset manager providing mezzanine finance, leveraged credit and minority equity, managing over €11 billion of assets in proprietary capital and third party funds. ICG has a large and experienced investment team operating from its head office in London with a strong local network of offices in Paris, Madrid, Stockholm, Frankfurt, Amsterdam, Hong Kong, Sydney and New York. Its stock (ticker symbol: ICP) is listed on the London Stock Exchange. Further information is available at: www.icgplc.com.

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Source: Intermediate Capital Group plc via Thomson Reuters ONE

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