Icahn Enterprises LP said Friday it’s planning to offer additional 9.75% senior six-year bonds in a private placement after closing an offering of $500 million earlier this week. Proceeds will be used together with cash on hand to redeem the existing 4.75% senior unsecured notes issued by Carl Icahn’s investing arm
IEP,
-1.08%
that mature in 2024 in full.
The stock was down 1% on Friday at $15.54, after earlier falling to a low of $15.01, its lowest level since November 2003. The stock has tumbled 69% in the year to date. 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. In August, the company halved its dividend to $1. Icahn has rebutted the allegations and accused Hindenburg founder and CEO Nate Anderson of writing a misleading and self-serving report. For more on Nate Anderson: The MarketWatch 50 Hindenburg also revealed that Icahn had borrowed money from his own company, a development that was disclosed in a footnote to financials and that Wall Street had overlooked. He has since repaid the loan. From the archives (May 2023): What we know about Carl Icahn’s margin loan See also: Carl Icahn rebuts short seller Hindenburg Research’s report. It’s already cost …
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IEP,
-1.08%
that mature in 2024 in full.
The stock was down 1% on Friday at $15.54, after earlier falling to a low of $15.01, its lowest level since November 2003. The stock has tumbled 69% in the year to date. 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. In August, the company halved its dividend to $1. Icahn has rebutted the allegations and accused Hindenburg founder and CEO Nate Anderson of writing a misleading and self-serving report. For more on Nate Anderson: The MarketWatch 50 Hindenburg also revealed that Icahn had borrowed money from his own company, a development that was disclosed in a footnote to financials and that Wall Street had overlooked. He has since repaid the loan. From the archives (May 2023): What we know about Carl Icahn’s margin loan See also: Carl Icahn rebuts short seller Hindenburg Research’s report. It’s already cost …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]