Icahn Enterprises LP
IEP,
said Friday it’s planning to offer additional 9.750% senior notes that mature in 2029 in a private placement. The company earlier this week closed a $500 million offering of the notes. Proceeds will be used together with cash on hand to redeem the existing 4.75% senior unsecured notes that mature in 2024 in full. The stock was up 1% premarket, after closing Thursday at $15.97, its lowest level since November of 2003. The stock has tumbled 69% in the year to date, since short seller Hindenburg Research published a scathing article about the company on May 2, accusing it of overstating values and paying a dividend it could not afford, among other things. Icahn Enterprises, which is 84% owned by billionaire Carl Icahn and his son, Brett, offers exposure to Icahn’s personal portfolio of public and private companies, including petroleum refineries, car-parts makers, food-packaging companies and real estate. Its unit holders are mostly retail investors. The S&P 500
SPX,
has gained 23% in the year to date.
