Icahn Enterprises Prices Notes $500M Senior Notes Due 2029 in Private Placement
Portfolio Pulse from Benzinga Newsdesk
Icahn Enterprises has priced $500 million in senior notes due in 2029 through a private placement. The proceeds will be used to redeem their existing 4.75% Senior Unsecured Notes due in 2024. The notes will be guaranteed by Icahn Enterprises Holdings L.P. and Wilmington Trust, National Association will act as trustee. There is no guarantee that the sale of the debt securities will be completed.
December 13, 2023 | 6:50 am
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Icahn Enterprises (IEP) has announced the pricing of $500 million in senior notes due 2029 to refinance existing debt. This move is aimed at improving the company's debt maturity profile by redeeming 4.75% Senior Unsecured Notes due 2024.
The pricing of the new senior notes is likely to have a positive short-term impact on IEP's stock as it indicates proactive debt management and could improve the company's interest expense profile. Refinancing higher-cost debt with potentially lower-cost new debt is generally viewed positively by investors. However, the impact is not guaranteed as the completion of the sale is not assured, which is why the confidence level is not at 100.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100