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S&P gives BB to Icahn notes
S&P said it gave BB issue and 3 recovery ratings to Icahn Enterprises LP's planned $500 million of senior unsecured notes due 2029. The 3 recovery rating indicates meaningful recovery (65%) in default. Icahn Enterprises Holdings LP will guarantee the notes.
The ratings are in line with the ratings on Icahn Enterprises’ outstanding senior unsecured notes.
Icahn Enterprises LP is expected to use the proceeds and cash on its balance sheet to repay its $1.1 billion of 4¾% senior unsecured notes due 2024.
The outlook is stable.
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