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S&P rates Icahn notes BB
S&P said it gave a BB issue rating and 3 recovery rating to Icahn Enterprises LP’s proposed eight-year senior unsecured notes. The 3 recovery rating indicates an expectation of meaningful recovery (65%) in default. The notes are co-issued by Icahn Enterprises Finance Corp. and guaranteed by Icahn Enterprises Holdings LP.
The offering size is to be determined, but S&P said it assumes IEP will sell at least $500 million.
“We anticipate that IEP will use all the proceeds of the offering to partially or fully refinance the company’s $1.2 billion of 6¼% senior unsecured notes due 2022. We view this transaction as leverage neutral,” S&P said in a press release.
The outlook is negative.
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