Icahn Enterprises (IEP) Announces $500M Rights Offering
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Price: $6.94 +2.06%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 11.1%
EPS Growth %: -81.6%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 11.1%
EPS Growth %: -81.6%
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Icahn Enterprises L.P. (NYSE: IEP) reports it intends to launch a rights offering to raise proceeds of approximately $500 million.
The purposes of the rights offering are: (i) to enhance the company's depositary unit holder equity from approximately $3.2 billion as of December 31, 2010 to approximately $4.5 billion, after taking into account the $500 million proceeds of the rights offering and the approximately $800 million increase in the fair market value of the company's investments in its hedge funds from January 1, 2011 through November 30, 2011, as well as operating performance through September 30, 2011; (ii) to endeavor to improve the company's credit ratings; and (iii) to raise equity capital to be used for potential investments and acquisitions.
The purposes of the rights offering are: (i) to enhance the company's depositary unit holder equity from approximately $3.2 billion as of December 31, 2010 to approximately $4.5 billion, after taking into account the $500 million proceeds of the rights offering and the approximately $800 million increase in the fair market value of the company's investments in its hedge funds from January 1, 2011 through November 30, 2011, as well as operating performance through September 30, 2011; (ii) to endeavor to improve the company's credit ratings; and (iii) to raise equity capital to be used for potential investments and acquisitions.
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