Seeking Alpha
Profile| Send Message|
( followers)  

Icahn Enterprises (NASDAQ:IEP), 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 (NYSE:LGF).

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.

Source: Icahn Enterprises in $500 Million Bond Sale