Carl Icahn – Twitter
The billionaire activist investor Carl Icahn’s Icahn Enterprises priced the offering of $200 million aggregate principal amount of an additional 9.75% Senior Notes due 2029 in a private placement.
The aggregate principal amount represents an increase in the size of the notes offering of $50 million from the previously announced offering of $150 million and the notes will be issued at an issue price of 100.625%.
The Notes Offering is expected to close on December 19, 2023, subject to customary closing conditions.
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The net proceeds from the Notes Offering will be used, together with cash on hand and the net proceeds from the Original Offering, to redeem the Issuers’ existing 4.75% Senior Unsecured Notes due 2024 in full. There can be no assurance that the issuance and sale of any debt securities will be consummated.
Carl Icahn is an American businessman, investor, and philanthropist. He is the founder and controlling shareholder of Icahn Enterprises, a public company and diversified conglomerate holding company based in Sunny Isles Beach, Florida. Icahn’s business model is to take large stakes in companies that he believes will appreciate from changes to corporate policy. Subsequently, Icahn then pressures management to make the changes that he believed would benefit shareholders.
Widely regarded as one of the most successful hedge fund managers of all time and one of the greatest investors on Wall Street, he was one of the first activist shareholders and is credited with making that investment strategy mainstream for hedge funds.
Carl Icahn was born in Queens, New York, in 1936. He graduated from Princeton University with a degree in philosophy in 1957. He began his career as a stockbroker and later founded his own brokerage firm. In the 1970s, Icahn began investing in distressed companies, often taking control of them and making changes to improve their performance.
In the 1980s, Carl Icahn developed a reputation as a “corporate raider” after profiting from the hostile takeover and asset stripping of Trans World Airlines. However, in recent years, Icahn has shifted his focus to more activist investing, working with companies to improve their performance and create value for shareholders.
