Icahn begins tender offers for $3.5 billion of 7.75% notes, 8% notes

By Susanna Moon

Chicago, Jan. 6 - Icahn Enterprises LP and Icahn Enterprises Finance Corp. began cash tender offers for their $1.05 billion outstanding 7.75% senior notes due 2016 and $2.45 billion outstanding 8% senior notes due 2018.

The total purchase price for each $1,000 principal amount will be $1,021.78 for the 7.75% notes and $1,042.50 for the 8% notes, which includes an early tender premium of $30.00 per $1,000 of notes tendered by Jan. 17, the early tender date, according to a company press release.

Those who tender their notes after the early tender date will receive the base payment for each $1,000 principal amount, which will be $991.78 for the 7.75% notes and $1,012.50 for the 8% notes.

The company also will pay accrued interest up to but excluding the payment date.

The offer will end at 11:59 p.m. ET on Feb. 3.

Icahn said it plans to redeem any notes not tendered in the tender offers.

Global Bondholder Services Corp. (866 470-4300 or 212 430-3774 for banks and brokers) is the information agent. Citigroup Global Markets Inc. (800 558-3745 or collect 212 723-6106), Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 538-2147) and Morgan Stanley & Co. LLC (800 624-1808 or 212 761-9292) are the dealer managers.

The New York City-based holding company is primarily engaged in the investment management, automotive, metals, real estate and home fashion businesses.

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