Icahn Enterprises L.P. and Icahn Enterprises Finance Corp. announced 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.