Published on 4/8/2021 in the Prospect News High Yield Daily.
New Issue: Icahn Enterprises prices $455 million tap of 5¼% 2027 bullet at 102 to yield 4.866%
By Paul A. Harris
Portland, Ore., April 8 – Icahn Enterprises L.P. and Icahn Enterprises Finance Corp. priced a $455 million add-on (Ba3/BB) to the 5¼% senior bullet notes due May 15, 2027 at 102 with a 4.866% yield to maturity, according to an informed source.
The deal priced at the rich end of the 101.75 to 102 price talk.
Jefferies LLC was the sole bookrunner.
The New York-based diversified holding company plans to use the proceeds to redeem its 6¼% senior notes due Feb. 1, 2022.
| Issuers: | Icahn Enterprises L.P. and Icahn Enterprises Finance Corp.
|
| Amount: | $455 million
|
| Maturity: | May 15, 2027
|
| Security description: | Add-on to 5¼% senior notes due May 15, 2027
|
| Bookrunner: | Jefferies LLC
|
| Coupon: | 5¼%
|
| Price: | 102
|
| Yield to maturity: | 4.866%
|
| Call protection: | Make-whole call at Treasuries plus 50 bps until Nov. 15, 2026, then callable at par, otherwise non-callable
|
| Trade date: | April 8
|
| Settlement date: | April 12
|
| Expected ratings: | Moody's: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 101.75 to 102
|
| Marketing: | Drive-by
|
| Original issue: | $750 million priced in December 2019
|
| Previous add-on: | $250 million in January 2020
|
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