ICG to stockpile £826m in dry powder

The listed debt investor has launched a fully underwritten rights issue and has raised €475m for its 2008 Recovery Fund.

Intermediate Capital Group (ICG), the listed European buyout debt investor, this morning unveiled a £351 million (€408 million; $574 million) rights issue to allow it to buy up discounted buyout debt and participate in the refinancing of existing buyout deals.

The news sent ICG’s shares up 10 percent this morning to £5.43.

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