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Icahn gets tenders for $2.42 billion of 7.75% notes, 8% notes so far
By Angela McDaniels
Tacoma, Wash., Jan. 21 - Icahn Enterprises LP and Icahn Enterprises Finance Corp. announced the early results of the tender offers for their $1.05 billion outstanding 7.75% senior notes due 2016 and $2.45 billion outstanding 8% senior notes due 2018.
Holders had tendered $651,217,000 principal amount, or 62.02%, of the 7.75% notes and $1,768,889,000 principal amount, or 72.2%, of the 8% notes as of 5 p.m. ET on Jan. 17, the early tender deadline, according to a company news release.
The issuers have exercised their option to accept for payment and settle the notes that were tendered by the early tender deadline. Settlement occurred Jan. 21.
For each $1,000 principal amount, holders received $1,021.78 for the 7.75% notes and $1,042.50 for the 8% notes plus accrued interest up to but excluding the payment date. These prices include an early tender premium of $30.00.
The tender offer began Jan. 6 and will continue until 11:59 p.m. ET on Feb. 3.
Notes that remain outstanding following the tender offer will be redeemed on Feb. 6.
The tender offer is being funded with the proceeds of the issuers' $1.2 billion of 6% senior notes due 2020, $1.28 billion of 4.875% senior notes due 2019 and $1.18 billion of 3.5% senior notes due 2017, which priced Jan. 8 and settled Jan. 21.
Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106), Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) and Morgan Stanley & Co. LLC (800 624-1808 or 212 761-9292) are the dealer managers. Global Bondholder Services Corp. (866 470-4300 or 212 430-3774 for banks and brokers) is the information agent.
Icahn Enterprises, a New York City-based holding company, is primarily engaged in the investment management, automotive, metals, real estate and home fashion businesses.
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