By Paul A. Harris
Portland, Ore., Dec. 12 – Icahn Enterprises LP and Icahn Enterprises Finance Corp. (IEP) priced a $500 million issue of five-year senior bullet notes (Ba3/BB) at par to yield 9¾% in a Tuesday drive-by, according to market sources.
The yield printed on top of yield talk and in the middle of early guidance that had the deal coming to yield in the 9¾% area.
Jefferies LLC was the sole bookrunner.
The New York-based diversified holding company plans to use the proceeds plus cash on its balance sheet to redeem its 4¾% senior notes due 2024.
| Issuers: | Icahn Enterprises LP and Icahn Enterprises Finance Corp.
|
| Amount: | $500 million
|
| Issue: | Senior notes
|
| Maturity: | Jan. 15, 2029
|
| Sole bookrunner: | Jefferies LLC
|
| Coupon: | 9¾%
|
| Price: | Par
|
| Yield: | 9¾%
|
| Call protection: | Make-whole at Treasuries plus 50 bps prior to Oct. 15, 2028, then callable at par, otherwise non-callable
|
| Trade date: | Dec. 12
|
| Settlement date: | Dec. 19
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 9¾%
|
| Marketing: | Drive-by
|
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