Icahn Enterprises To Issue Notice Of Redemption For All Outstanding 5% Cumulative Pay-In-Kind Redeemable Preferred Units Represe
February 19 2010 - 5:01PM
PR Newswire (US)
NEW YORK, Feb. 19 /PRNewswire-FirstCall/ -- Icahn Enterprises L.P.
(NYSE: IEP) ("Icahn Enterprises") announced today that on Monday,
February 22, 2010, it will issue a notice of redemption of its
outstanding 5% cumulative pay-in-kind redeemable preferred units
representing limited partnership interests in Icahn Enterprises
(NYSE:IEP-P) (the "Preferred Units"). The redemption date of the
Preferred Units is March 31, 2010. The redemption price is $10.50
per Preferred Unit. The redemption price will be paid solely in
depositary units representing limited partnership interests in
Icahn Enterprises, except that cash will be paid in lieu of
fractional depositary units. Depositary units will be valued at the
average price at which the depositary units had been trading on the
New York Stock Exchange over the 20-day period immediately
preceding the redemption date. Unless Icahn Enterprises defaults in
the payment of the redemption price, distributions on the Preferred
Units will cease to accrue on and after the redemption date and the
only remaining right of the holders of the Preferred Units after
such date will be to receive payment of the redemption price
(without interest) upon presentation and surrender of the Preferred
Units to Icahn Enterprises. After the redemption date, all
Preferred Units shall be deemed no longer outstanding. Accordingly
there will be no record date for distribution payments for these
issues. Any and all accrued distributions will be payable upon
surrender. Icahn Enterprises will send a notice of redemption to
the registered holders of the Preferred Units and a letter of
transmittal to be used to surrender certificates for redemption.
All Preferred Units held through The Depository Trust Company
("DTC") will be redeemed according to DTC's procedures. Payment
will be made to registered holders of the Preferred Units on the
redemption date only upon presentation and surrender of the
physical certificates representing the Preferred Units for
cancellation. Registered holders of the Preferred Units should
surrender their certificates (together with a properly completed
and executed Letter of Transmittal) to Registrar and Transfer
Company, as redemption agent, at the following address: By Hand
Delivery or by Overnight Courier: By Registered Mail:
-------------------------------- ------------------- Registrar and
Transfer Company Registrar and Transfer Company 10 Commerce Drive
P.O. Box 645 Cranford, New Jersey 07016 Cranford, New Jersey
07016-0645 Attention: Reorg/Exchange Dept. Attention:
Reorg/Exchange Dept. This release does not constitute an offer to
sell or a solicitation of any offer to buy such securities nor
shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction. Icahn
Enterprises L.P. (NYSE:IEP), a master limited partnership, is a
diversified holding company engaged in seven primary business
segments: Investment Management, Automotive, Metals, Real Estate,
Home Fashion, Railcar and Food/Packaging. Caution Concerning
Forward-Looking Statements This release contains certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, many of which are beyond
our ability to control or predict. Forward-looking statements may
be identified by words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates," "will" or words of
similar meaning and include, but are not limited to, statements
about the expected future business and financial performance of
Icahn Enterprises L.P. and its subsidiaries. Among these risks and
uncertainties are risks related to economic downturns, substantial
competition and rising operating costs; risks related to our
investment management activities, including the nature of the
investments made by the private funds we manage, losses in the
private funds and loss of key employees; risks related to our
automotive activities, including exposure to adverse conditions in
the automotive industry, and risks related to operations in foreign
countries; risks related to our scrap metals activities, including
potential environmental exposure; risks related to our real estate
activities, including the extent of any tenant bankruptcies and
insolvencies; risks related to our home fashion operations,
including changes in the availability and price of raw materials,
and changes in transportation costs and delivery times; and other
risks and uncertainties detailed from time to time in our filings
with the Securities and Exchange Commission. We undertake no
obligation to publicly update or review any forward-looking
information, whether as a result of new information, future
developments or otherwise. DATASOURCE: Icahn Enterprises L.P.
CONTACT: Investors, Dominick Ragone, Chief Financial Officer,
+1-646-861-7500 Web Site: http://www.icahnenterprises.com/
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