Icahn In $500 Million Bond Sale

Nov 9 2010 | 11:35am ET

Icahn Enterprises, the holding company owned by Carl Icahn's hedge fund, will sell $500 million in senior debt as part of a reopening as the company embarks on a hostile takeover of movie studio Lions Gate Entertainment.

The securities could be sold as soon as today, Bloomberg News reports. The notes due in 2016 pay 7.75% and those due in 2018 8%. Both are currently trading well below those yields.

Icahn first sold the bonds as part of a private placement in January. The company raised some $2 billion to refinance debt set to mature in 2012 and 2013 at much higher interest rates.

In a statement, Icahn said the proceeds from the current sale would be used for general corporate purposes.


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