SUNNY
ISLES BEACH, Fla., Nov. 13,
2024 /PRNewswire/ -- Icahn Enterprises L.P. (NASDAQ:
IEP) – Icahn Enterprises L.P. ("Icahn Enterprises") announced today
that it, together with Icahn Enterprises Finance Corp. (together
with Icahn Enterprises, the "Issuers"), priced their offering of
$500,000,000 aggregate principal
amount of 10.000% Senior Secured Notes due 2029 (the "Notes") in a
private placement not registered under the Securities Act of 1933,
as amended (the "Securities Act") (such offering, the "Notes
Offering"). The Notes Offering is expected to close on November 20, 2024, subject to customary closing
conditions. The Notes will be issued under an indenture by and
among the Issuers, Icahn Enterprises Holdings L.P., as guarantor
(the "Guarantor"), and Wilmington Trust, National Association, as
trustee and collateral agent, and will be guaranteed by the
Guarantor. The Notes will be secured by substantially all of the
assets directly owned by the Issuers and the Guarantor, subject to
customary exceptions. The net proceeds from the Notes Offering will
be used to partially redeem the Issuers' existing 6.250% Senior
Notes due 2026 (the "2026 Notes"). It is expected that,
concurrently with the consummation of the Notes Offering, the
Issuers will grant a lien in favor of the holders of the Issuers'
2026 Notes, 5.250% Senior Notes due 2027, 4.375% Senior Notes due
2029, 9.750% Senior Notes due 2029 and 9.000% Senior Notes due 2030
(collectively, the "Existing Notes") such that the Existing Notes
are secured equally and ratably with the Notes upon the issuance
thereof. There can be no assurance that the issuance and sale of
any debt securities will be consummated.
The Notes and related guarantees are being offered only (1) in
the United States to persons
reasonably believed to be qualified institutional buyers in
reliance on Rule 144A under the Securities Act and (2) outside
the United States to persons other
than "U.S. persons" in compliance with Regulation S under the
Securities Act. The Notes and related guarantees have not been
registered under the Securities Act or the securities laws of any
other jurisdiction and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements.
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 Russia/Ukraine conflict and ongoing conflict in the
Middle East, including economic
volatility and the impacts of export controls and other economic
sanctions; risks related to our investment activities, including
the nature of the investments made by the private funds in which we
invest, including the impact of the use of leverage through
options, short sales, swaps, forwards and other derivative
instruments; declines in the fair value of our investments, losses
in the private funds and loss of key employees; risks related to
our ability to continue to conduct our activities in a manner so as
to not be deemed an investment company under the Investment Company
Act of 1940, as amended, or be taxed as a corporation; risks
relating to short sellers and associated litigation and regulatory
inquiries; risks related to our general partner and controlling
unitholder; pledges of our units by our controlling unitholder;
risks related to our energy business, including the volatility and
availability of crude oil, other feed stocks and refined products,
declines in global demand for crude oil, refined products and
liquid transportation fuels, unfavorable refining margin (crack
spread), interrupted access to pipelines, significant fluctuations
in nitrogen fertilizer demand in the agricultural industry and
seasonality of results; volatile commodity pricing and higher
industry utilization and oversupply risks relating to potential
strategic transactions involving our Energy segment; risks related
to our automotive activities and exposure to adverse conditions in
the automotive industry, including as a result of the Chapter 11
filing of our automotive parts subsidiary; risks related to our
food packaging activities, including competition from better
capitalized competitors, inability of our suppliers to timely
deliver raw materials, and the failure to effectively respond to
industry changes in casings technology; supply chain issues;
inflation, including increased costs of raw materials and shipping;
labor shortages and workforce availability; risks related to our
real estate activities, including the extent of any tenant
bankruptcies and insolvencies; risks related to our home fashion
operations, including changes in the availability and price of raw
materials, manufacturing disruptions, and changes in transportation
costs and delivery times; and other risks and uncertainties
detailed from time to time in our filings with the Securities and
Exchange Commission including our Annual Report on Form 10-K and
our Quarterly Reports on Form 10-Q under the caption "Risk
Factors". Additionally, there may be other factors not presently
known to us or which we currently consider to be immaterial that
may cause our actual results to differ materially from the
forward-looking statements. Past performance in our Investment
segment is not indicative of future performance. We undertake no
obligation to publicly update or review any forward-looking
information, whether as a result of new information, future
developments or otherwise.
Investor Contact:
Ted
Papapostolou, Chief Financial Officer
IR@ielp.com
(800) 255-2737
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SOURCE Icahn Enterprises L.P.
