Icahn Enterprises starts roadshow for $2 billion two-part split-rated notes via Jefferies

By Paul A. Harris

St. Louis, Jan. 4 - Icahn Enterprises LP and Icahn Enterprises Finance Corp. began a roadshow on Monday for its $2 billion two-part offering of senior notes, according to an informed source.

The deal includes tranches of six-year notes, which come with three years of call protection, and eight-year notes, which come with four years of call protection.

The offering, via bookrunner Jefferies & Co., is expected to come with split ratings. Moody's Investors Service is expected to assign its Ba3 ratings to the notes. Standard & Poor's is expected to rate the notes BBB-.

The roadshow for the deal wraps up on Jan. 11.

Proceeds from the Rule 144A and Regulation S offering will be used to refinance the master limited partnership's 7 1/8% senior notes due 2013 and its 8 1/8% senior notes due 2012 and to fund general corporate purposes.

The 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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