Published on 6/24/2019 in the Prospect News High Yield Daily.
New Issue: Icahn Enterprises sells upsized $500 million tap of 6¼% notes due 2026 to yield 6%
By Paul A. Harris
Portland, Ore., June 24 – Icahn Enterprises LP and Icahn Enterprises Finance Corp. priced an upsized $500 million add-on to their 6¼% senior notes due May 15, 2026 (existing ratings Ba3/BB+) at 101.383 to yield 6% in a Monday drive-by, according to market sources.
The reoffer price came rich to the 101.035 price talk. The yield came on top of yield talk.
Jefferies LLC was the bookrunner.
The New York-based diversified holding company plans to use the proceeds for general partnership purposes, including repayment of its 6% senior notes due 2020.
| Issuers: | Icahn Enterprises LP and Icahn Enterprises Finance Corp.
|
| Amount: | $500 million, increased from $250 million
|
| Maturity: | May 15, 2026
|
| Security description: | Add-on to 6¼% senior notes due May 15, 2026
|
| Bookrunner: | Jefferies LLC
|
| Coupon: | 6¼%
|
| Price: | 101.383
|
| Yield: | 6%
|
| First call: | May 15, 2022 at 103.125
|
| Trade date: | June 24
|
| Settlement date: | June 27
|
| Expected ratings: | Moody's: Ba3
|
| S&P: BB+
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| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 101.035 to yield 6%
|
| Marketing: | Quick to market
|
| Original issue: | $750 million priced on May 7, 2019
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| Total issue size: | $1.25 billion
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