Icahn Enterprises (NASDAQ:IEP) is expanding its capital base with an underwritten public offering of 1.6 million of its depositary units, the company announced Wednesday. The units represent limited partner interests in Icahn Enterprises.

The issue has been priced at a gross total of around $120.9 million, or just over $75.56 per share. Additionally, the company's underwriters have been granted a 30-day purchase option for up to an additional 240,000 units.

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.