Icahn Enterprises said it plans to use the proceeds of the issue to "recapitalize" auto parts manufacturer Federal-Mogul, which is chaired by the company's guiding light, Carl Icahn. Currently, Icahn Enterprises has roughly 109.6 million shares outstanding, and its most recent closing stock price was $71.74.
Credit Suisse, UBS, and Leucadia's Jefferies are the joint book-running managers of the issue. It is expected to close on June 17.
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