IEP pops after a report that Carl Icahn and banks finalized amended loan agreements that untie his personal loans from the trading price of his company.
Icahn Enterprises L.P.’s stock jumped 5.7% in premarket trade Monday, after The Wall Street Journal reported that Carl Icahn and banks finalized amended loan agreements Sunday that untie his personal loans from the trading price of his company’s shares.
The report from Nate Anderson’s Hindenburg Research also revealed that Icahn had borrowed against shares, or units, he owns in IEP. For more, see: Icahn calls Hindenburg short-seller report self-serving, as market value of his company’s stock plunges by $4 billion About 60% of Icahn’s IEP shares were pledged as collateral for the personal loans, which led his lenders to privately call on him to pledge more collateral as the stock price fell. IEP’s stock is down 43% in the year to date and closed Friday at $28.86. Before the short-seller report, it was trading above $50.Icahn is now putting up about $6 billion in collateral, including $2 billion of his personal funds, and about 320 million IEP shares, said the Journal.
Icahn has further agreed to a repayment plan, under which he will pay the banks $500 million in September, make eight quarterly payments of $87.5 million starting a year after that and the remaining $2.5 billion balance three years from now.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Icahn Enterprises shares jump on report of loan agreement and other stocks on the moveIcahn Enterprises, Alibaba and Northern Trust are stocks on the move.
Weiterlesen »
WSJ News Exclusive | Carl Icahn Gets Breathing Room From Lenders Following Short-Seller AttackThe deal unties his personal loans from the trading price of Icahn Enterprises
Weiterlesen »
Rapids agree to year-long loan for Brazilian striker Rafael Navarro, sources sayThe Colorado Rapids first bolstered their defense when the MLS secondary transfer market opened Wednesday. Now, they’re adding a player up top.
Weiterlesen »
SoCal Edison, others agree to $22 million for 2016 Rey Fire damagesThe Rey Fire burned more than 32,000 acres, including 19,000 acres of National Forest System lands in Santa Barbara County.
Weiterlesen »
Australian Mining Companies Chose Battery-Electric Over Hydrogen Fuel Cell Mining Trucks - CleanTechnicaAustralia's three largest mining companies agree that battery-electric trucks a far more efficient than fuel cell vehicles.
Weiterlesen »