Icahn Enterprises Announces Closing Of $3.65 Billion Senior Notes Offering

NEW YORK, Jan. 21, 2014 (GLOBE NEWSWIRE) -- Icahn Enterprises L.P. ("Icahn Enterprises") (Nasdaq:IEP), together with Icahn Enterprises Finance Corp., announced today that they have consummated a $3.65 billion senior notes offering the proceeds of which are being used to refinance existing indebtedness at Icahn Enterprises. As a result of the refinancing Icahn Enterprises expects to reduce current interest expense by approximately $354 million over the next four years (approximately $103 million in 2014, $112 million in 2015, $69 million in 2016, $68 million in 2017 and $2 million through January 15, 2018), before taking into account one-time costs of approximately $143 million.

The $3.65 billion of senior notes issued in the offering consist of $1.2 billion in aggregate principal amount of Icahn Enterprises 6.000% Senior Notes due 2020 (issued at 102% of par or a 5.63% yield-to-maturity), $1.275 billion in aggregate principal amount of their 4.875% Senior Notes due 2019 and $1.175 billion in aggregate principal amount of their 3.5% Senior Notes due 2017. The notes were sold in a private offering to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and non-U.S. persons outside the United States under Regulation S under the Securities Act.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the notes. The notes have not been registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States absent registration under, or an applicable exemption from, the registration requirements of the Securities Act and the applicable state securities laws.

Icahn Enterprises L.P. (Nasdaq:IEP), a master limited partnership, is a diversified holding company engaged in nine primary business segments: Investment, Automotive, Energy, Gaming, Railcar, Food Packaging, Metals, Real Estate and Home Fashion.

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