London-based credit manager looks to bolster its balance sheet

Intermediate Capital Group, the UK-listed credit manager, said today it has secured an extension on £395 million of its own debts, pushing out the maturity of these liabilities to 2013. However, the amendment from Lloyds, Royal Bank of Scotland and Credit Suisse is dependent on ICG successfully raising £351 million of new equity through a rights issue announced today.

The company also said that the first quarter default rate on the debt it invests in was 1.2% comprising two defaults. Another asset, representing 1.4% of its portfolio, was restructured.