Icahn Enterprises L.P. Announces Pricing of Senior Notes
Icahn Enterprises (NASDAQ: IEP) has announced the pricing of $500 million in 10.000% Senior Secured Notes due 2029 in a private placement. The Notes will be secured by substantially all assets directly owned by the Issuers and the Guarantor. The offering is expected to close on November 20, 2024. The net proceeds will be used to partially redeem existing 6.250% Senior Notes due 2026. Concurrently, the company will grant a lien to holders of existing notes to ensure equal security with the new Notes.
Icahn Enterprises (NASDAQ: IEP) ha annunciato il prezzo di 500 milioni di dollari in Obbligazioni Senior Garantite al 10.000% con scadenza nel 2029 in una collocazione privata. Le Obbligazioni saranno garantite da sostanzialmente tutti gli attivi direttamente posseduti dagli Emittenti e dal Garante. Si prevede che l'offerta si chiuda il 20 novembre 2024. I proventi netti saranno utilizzati per rimborsare parzialmente le esistenti Obbligazioni Senior al 6.250% con scadenza nel 2026. Contestualmente, la società concederà un diritto di pegno ai possessori delle obbligazioni esistenti per garantire la parità di sicurezza con le nuove Obbligazioni.
Icahn Enterprises (NASDAQ: IEP) ha anunciado el precio de 500 millones de dólares en Notas Senior Aseguradas al 10.000% con vencimiento en 2029 en una colocación privada. Las Notas estarán respaldadas por prácticamente todos los activos directamente poseídos por los Emisores y el Garantizador. Se espera que la oferta se cierre el 20 de noviembre de 2024. Los ingresos netos se utilizarán para redimir parcialmente las Notas Senior existentes al 6.250% con vencimiento en 2026. Al mismo tiempo, la empresa otorgará un gravamen a los tenedores de notas existentes para garantizar una seguridad equitativa con las nuevas Notas.
Icahn Enterprises (NASDAQ: IEP)는 2029년에 만료되는 5억 달러 규모의 10.000% 비상환 우선 채권 가격을 발표했습니다. 이 채권은 발행자 및 보증인이 직접 소유한 거의 모든 자산에 의해 담보됩니다. 이번 공모는 2024년 11월 20일에 마감될 것으로 예상됩니다. 순수익은 2026년에 만료되는 기존 6.250% 우선 채권을 부분적으로 상환하는 데 사용될 것입니다. 아울러, 회사는 기존 채권 보유자에게 새로운 채권과 동등한 담보를 보장하기 위해 권리를 부여할 것입니다.
Icahn Enterprises (NASDAQ: IEP) a annoncé le prix de 500 millions de dollars pour des Obligations Senior Garanties à 10.000% arrivant à échéance en 2029 dans le cadre d'un placement privé. Les Obligations seront sécurisées par pratiquement tous les actifs directement détenus par les Émetteurs et le Garant. L'offre devrait se clôturer le 20 novembre 2024. Les produits nets seront utilisés pour rembourser partiellement les Obligations Senior existantes à 6.250% arrivant à échéance en 2026. Parallèlement, la société accordera un droit de gage aux détenteurs d'obligations existantes pour garantir une sécurité équitable avec les nouvelles Obligations.
Icahn Enterprises (NASDAQ: IEP) hat die Preise für 500 Millionen Dollar in 10.000% Senior Secured Notes mit Fälligkeit 2029 im Rahmen einer Privatplatzierung bekannt gegeben. Die Anleihen werden durch nahezu alle Vermögenswerte, die direkt von den Emittenten und dem Garant gestellt werden, gesichert. Es wird erwartet, dass das Angebot am 20. November 2024 abgeschlossen wird. Die Nettoerlöse sollen verwendet werden, um bestehende 6.250% Senior Notes mit Fälligkeit 2026 teilweise einzulösen. Gleichzeitig wird das Unternehmen einen Pfandrecht für die Inhaber der bestehenden Anleihen gewähren, um gleiche Sicherheit mit den neuen Anleihen zu gewährleisten.
- Successful pricing of $500 million senior secured notes
- Notes will be secured by substantial company assets
- Refinancing of existing debt with longer maturity (2029)
- Higher interest rate of 10% compared to existing 6.25% notes being redeemed
- Increased debt servicing costs will impact cash flow
- Need to pledge substantial assets as collateral
Insights
This debt refinancing move by Icahn Enterprises reveals significant challenges in their capital structure. The new
The addition of collateral security for both new and existing notes suggests lenders are demanding stronger protections. This defensive refinancing, while providing near-term liquidity, comes at a considerable cost that will increase annual interest expenses by approximately
The Notes and related guarantees are being offered only (1) in
This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities of the Issuers.
About Icahn Enterprises L.P.
Icahn Enterprises L.P. (NASDAQ: IEP), a master limited partnership, is a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.
Caution Concerning Forward-Looking Statements
This release contains certain statements that are, or may deemed to be, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises and its subsidiaries. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors, including risks related to economic downturns, substantial competition and rising operating costs; the impacts from the
Investor Contact:
Ted Papapostolou, Chief Financial Officer
IR@ielp.com
(800) 255-2737
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SOURCE Icahn Enterprises L.P.
FAQ
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