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Icahn Enterprises launches upsized $200 million tap of new 9¾% notes at 100.625, pricing Friday
By Paul A. Harris
Portland, Ore., Dec. 15 – Icahn Enterprises LP and Icahn Enterprises Finance Corp. (IEP) launched an upsized $200 million add-on its of 9¾% senior bullet notes due Jan. 15, 2029 (Ba3/BB) at 100.625.
The deal, which is coming in a Friday drive-by, increased from the $150 million size announced earlier on Friday morning.
It launched at the rich end of early guidance in the 100.5 area.
Shortly after it was announced, early Friday, the offer was playing to an order book that was north of $450 million, a trader said.
The Rule 144A and Regulation S with registration rights bullet notes feature a make-whole call at Treasuries plus 50 basis points prior to Oct. 15, 2028, then are callable at par.
Jefferies LLC is the sole bookrunner.
The New York-based diversified holding company plans to use the proceeds plus cash on the balance sheet to redeem its 4¾% senior notes due 2024, continuing the refinancing of that issue which it undertook with the $500 million original issue that IEP priced on Tuesday.
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