NEW YORK (AP) -- Icahn Enterprises L.P. is planning an offering to allow investors a chance to buy limited partner interests in the company run by billionaire investor Carl Icahn.
The company plans to use the proceeds to invest in recapitalization plans under way at Federal-Mogul, an auto-parts supplier controlled by Icahn.
Federal-Mogul began a rights offering last week and if it completes that, it will move forward with plans that it announced Monday to refinance existing debt through a $3.05 billion offering. Icahn said all the proceeds from its own offering will be used for Federal-Mogul's recapitalization plans, which could include buying the rights in the offering.
Credit Suisse, UBS Investment Bank and Jefferies are acting as the joint book-running managers for the Icahn offering. Citigroup, Keefe, Bruyette & Woods, KeyBanc Capital Markets, Oppenheimer & Co. and Wunderlich Securities are acting as the co-managers for the offering.
Shares of Icahn Enterprises fell 4 percent to $75.60 after hours. Its stock had increased nearly 4 percent to close the day at $79.52.