Intermediate Capital Group plc : Interim Manage...
Interim Management Statement
for the three months to 31 DECEMBER 2011
Intermediate Capital Group plc (ICG) releases its Interim Management Statement for the three months to 30 December 2011
Fund Management Company
Assets under management remained stable over the period, at €12 billion.
Mezzanine Funds
Our mezzanine portfolio continues to perform well.
The last quarter of 2011 saw a very low level of activity in the European private equity industry due to the uncertain economic outlook and, above all, to the absence of senior debt financing. We are seeing evidence that European banks are further retrenching from LBO financing. As a result, private equity sponsors are now focussing on the refinancing risk of their portfolio companies and we have seen a material pick up in the pipeline of potential new investments in capital restructurings of solid companies.
In addition, there is an uptick in the number of ICG-sponsored pipeline opportunities in Europe and Asia Pacific. Our Asia Pacific 2008 Fund supported Ventura Motors, a leading urban buses operator in the Melbourne area, in its acquisition of Grenda Motors in the quarter and is now 45% invested. This is our first ICG-sponsored transaction in Australia.
We continue to market our European Fund V and are making progress towards a next closing.
Credit Funds
Our loan and High Yield bonds portfolios are also performing well.
We have experienced no defaults during the quarter and our loan funds continue to deliver a strong performance. In the period we have won another segregated mandate to manage a €100 million portfolio of senior loans on behalf of a European institution.
Investment Company
Repayments and capital gains
The Investment Company (IC)'s portfolio performance remains solid.
No additional exits occurred over the period but a number of processes remain on track for completion in the period. Repayment of principal for the first nine months of the year totalled £307 million. In addition, we crystallised £84 million of rolled up interest.
New Investments
New investments for the IC totalled £34 million during the period, primarily in the Ventura transaction, bringing new investments for the first nine months of the year to £111 million.
Balance Sheet
We raised £35 million in December through a Retail Bond, further diversifying our funding sources. The balance sheet remains strong with unutilised bank lines of £724 million at 31 December 2011.
Analyst / Investor enquiries:
Christophe Evain, CEO, ICG +44 (0) 20 3201 7700
Philip Keller, CFO, ICG +44 (0) 20 3201 7700
Jean-Christophe Rey, Investor Relations, ICG +44 (0) 20 3201 7768
Media enquiries:
Neil Bennett/Tom Eckersley/Andrea Coleman, Maitland +44 (0) 20 379 5151
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 €12 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.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Intermediate Capital Group plc via Thomson Reuters ONE
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