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Icahn Enterprises sold $500mm in new bonds last Friday


Icahn Enterprises sold $500mm in new bonds last Friday adding to the 8% ’18 issue. The deal was upsized from $350mm to $500mm. The new 144a issue priced at a slight discount to the public issue…which is currently trading at the highs over the last year ($104). With YTC ’14 north of 7.50% and a YTM north of 7%, IEP has been a name that has attracted generic HY buyers. Prices are capped though due to the short call. Holders were happy to hear that Icahn’ hedge fund produced gains of 35% last year, while most other HFs were flat to down.