Internet Capital Group Offers 6,000,000 Shares of Common Stock at $108
per Share and $475,000,000 of 5 1/2% Convertible Subordinated Notes Due 2004
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WAYNE, Pa.--(BUSINESS WIRE)--Dec. 15, 1999--
Internet Capital Group Announces the Sale of $50,000,000 of Internet
Capital Group Common Stock to Ford Motor Company
Internet Capital Group, Inc. (NASDAQ:ICGE) today announced the
public offering of 6,000,000 shares of Internet Capital Group Common
Stock at $108 per share.
All 6,000,000 shares were offered by Internet Capital Group. The
common stock offering was underwritten by Merrill Lynch & Co.,
Goldman, Sachs & Co., Deutsche Banc Alex. Brown, Lehman Brothers and
Robertson Stephens.
Internet Capital Group also announced the public offering of
$475,000,000 aggregate principal amount of its 5 1/2% convertible
subordinated notes due 2004. The notes are convertible into shares of
Internet Capital Group Common Stock at the option of the holder at a
conversion price of $127.44 per share. The note offering was
underwritten by Merrill Lynch & Co., Goldman, Sachs & Co., and
Deutsche Banc Alex. Brown.
Internet Capital Group anticipates that the net proceeds from
these offerings will be used to acquire interests in new or existing
Partner Companies. The proceeds will also be used for the payment of
interest on the company's convertible subordinated notes, as well as
for general corporate purposes including working capital.
Internet Capital Group also announced that it has agreed to sell
to Ford Motor Company $50,000,000 of Internet Capital Group Common
Stock in a private placement. The purchase price per share will be
$108, the same price as in Internet Capital Group's underwritten
offering of common stock. Internet Capital Group and Ford intend to
explore a variety of potential strategic relationships.
About Internet Capital Group
Internet Capital Group is an Internet holding company actively
engaged in business-to-business e-commerce through a network of
Partner Companies. It provides operational assistance, capital
support, expertise, and a strategic network of business relationships
intended to maximize the long-term market potential of more than 45
business-to-business e-commerce Partner Companies.
The statements contained in this press release that are not
historical facts are forward-looking statements that involve certain
risks and uncertainties including but not limited to risks associated
with the uncertainty of future performance of our partner companies,
acquisitions of interests in additional partner companies, additional
financing requirements, the effect of economic conditions in the B2B
e-commerce market and other uncertainties detailed in the company's
filings with the Securities and Exchange Commission.
CONTACT: Internet Capital Group, Wayne
Sherri Wolf, 617/531-4903 (Investor Relations)
or
Fleishman-Hillard, San Francisco
Mary Stubbs, 415/356-1006 (Media Inquiries)
stubbsm@fleishman.com
KEYWORD: PENNSYLVANIA
INDUSTRY KEYWORD: E-COMMERCE INTERNET
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