By Paul A. Harris
Portland, Ore., Dec. 15 – Icahn Enterprises LP and Icahn Enterprises Finance Corp. (IEP) priced an upsized $200 million add-on of 9¾% senior bullet notes due Jan. 15, 2029 (Ba3/BB) at 100.625 to yield 9.587% in a Friday drive-by, according to an informed source.
The deal size increased from the $150 million.
It priced at the rich end of price talk in the 100.5 area.
Jefferies LLC was 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 last Tuesday.
| Issuer: | Icahn Enterprises LP and Icahn Enterprises Finance Corp.
|
| Issue: | Senior notes
|
| Amount: | $200 million
|
| Bookrunner: | Jefferies LLC
|
| Coupon: | 9¾%
|
| Price: | 100.625
|
| Yield: | 9.587%
|
| Call protection: | Make-whole at Treasuries plus 50 bps prior to Oct. 15, 2028, then callable at par, otherwise non-callable
|
| Trade date: | Dec. 15
|
| Settlement date: | Dec. 19
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 100.5
|
| Marketing: | Drive-by
|
| Original issue: | $500 million priced on Dec. 12, 2023
|
| Total issue size: | $700 million
|
| Fungibility: | Add-on notes will become fungible with original notes
|
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