By Paul A. Harris
Portland, Ore., July 29 - Icahn Enterprises LP and Icahn Enterprises Finance Corp. priced an upsized $500 million issue of seven-year senior notes (expected ratings Ba3/BBB-) at par to yield 6% on Monday, according to an informed source.
The deal was upsized from $350 million, with the offering announced in an 8-K filing with the Securities and Exchange Commission Monday.
The yield printed on top of yield talk.
Jefferies LLC was the bookrunner for the quick-to-market deal.
The New York-based diversified holding company plans to use the proceeds for general corporate purposes.
| Issuers: | Icahn Enterprises LP and Icahn Enterprises Finance Corp.
|
| Amount: | $500 million, increased from $350 million
|
| Maturity: | Aug. 1, 2020
|
| Securities: | Senior notes
|
| Bookrunner: | Jefferies LLC
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Spread: | 399 bps
|
| First call: | Feb. 1, 2017 at 104.5
|
| Equity clawback: | 35% at 106.0 until Aug. 1, 2016
|
| Investor put: | 101% upon change of control
|
| Trade date: | July 29
|
| Settlement date: | Aug. 1
|
| Expected ratings: | Moody's: Ba3
|
| Standard & Poor's: BBB-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 6% area
|
| Marketing: | Quick to market
|
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