ICG issues £160 million 5% 2023 bond

Third retail bond issued by the alternative lender ICG prices; ‘further diversifies ICG’s funding sources’.

London-headquartered Intermediate Capital Group has closed early the issuance of a £160 million (€223.9 million; $241.3 million) retail bond, which priced at 5 percent, according to a statement from the firm.

The eight-year bond matures on 24 March 2023. Proceeds will go towards general corporate purposes, according to the bond prospectus.

The bond was launched on 4 March and closed on 10 March, ahead of the originally scheduled end date of 18 March.

ICG has raised £275 million in aggregate across three issues to date, “which further diversifies ICG’s funding sources”, the firm said.

“We are delighted by the excellent response from retail investors looking for exposure to the financial sector. This not only provides investors with an opportunity to invest in ICG at an attractive level, it is also an important source of funding, but also reflects a strong level of confidence in ICG and our strategy,” Philip Keller, chief financial officer at ICG, said.

ICG had not responded to a request for further comment at time of publication.