Icahn sees unfavorable bond market, waiting to tackle 2024 notes

By Devika Patel

Knoxville, Tenn., Nov. 6 – Icahn Enterprises LP plans to wait and evaluate market conditions before redeeming or refinancing $1.1 billion of unsecured bonds due September 2024, given that management believes the bond market is unfavorable and may improve before the debt comes due.

“We have $1.1 billion of unsecured bonds coming due in September of this coming year,” director of accounting Robert Flint said on the company’s third quarter ended Sept. 30 earnings conference call on Nov. 3.

“We have $1.8 billion of cash on hand at [Icahn] and we’re evaluating.

“Right now, the bond market isn’t particularly favorable, so we’re evaluating what options we have, but we’re in a position where we have options either to redeem or to refinance, so that’s what we’re watching as we get through the next months and quarters.

“The markets are so unusual right now that I just underscore, we look at this month by month to determine exactly when the right window is to refinance, if there is the right window to refinance it.

“We're closely monitoring every month to determine what we do,” he said.

For the three months ended Sept. 30, revenues were $3 billion. Revenues were $8.2 billion for the nine months ended Sept. 30.

Third-quarter adjusted EBITDA was $272 million, a $202 million increase over the prior-year quarter.

Cash and cash equivalents were $2.89 billion as of Sept. 30, 2023, compared to $2,337,000,000 as of Dec. 31, 2022.

Debt was $7,075,000,000 as of Sept. 30, 2023, compared to $7,096,000,000 as of Dec. 31, 2022.

Icahn is a New York-based diversified holding company.

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