Icahn Enterprises L.P S-3, filed Aug 4, 2025

Icahn Enterprises L.P. (IEP)

S-3 2025-08-04

View Original

Added on October 21, 2026

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

	Delaware			13-3398766
	(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification Number)

	Delaware			20-1059842
	(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification Number)

	Large accelerated filer ☒			Accelerated filer ☐
	Non-accelerated filer ☐			Smaller reporting company ☐
				Emerging growth company ☐

	Page
ABOUT THIS PROSPECTUS		1
INDUSTRY AND MARKET DATA		2
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION		3
OUR COMPANY		4
RISK FACTORS		5
USE OF PROCEEDS		6
DESCRIPTION OF DEPOSITARY UNITS		7
DESCRIPTION OF PREFERRED UNITS		10
OUR PARTNERSHIP AGREEMENT AND CERTAIN PROVISIONS OF DELAWARE LAW		11
DESCRIPTION OF DEBT SECURITIES		20
DESCRIPTION OF WARRANTS		28
DESCRIPTION OF RIGHTS		30
DESCRIPTION OF UNITS		31
PLAN OF DISTRIBUTION		32
LEGAL MATTERS		34
EXPERTS		34
WHERE YOU CAN FIND MORE INFORMATION		35
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE		36

	Page
ABOUT THIS PROSPECTUS		1
PROSPECTUS SUMMARY		2
THE OFFERING		4
RISK FACTORS		5
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS		6
USE OF PROCEEDS		8
MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS		9
PLAN OF DISTRIBUTION		21
LEGAL MATTERS		23
EXPERTS		23
WHERE YOU CAN FIND MORE INFORMATION		23
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE		23

Securities and Exchange Commission registration fee	$	183,720
The Nasdaq Stock Market Listing Fees		*
Transfer Agent and Registrar, Trustee and Depositary Fees		*
Accounting fees and expenses		*
Legal fees and expenses		*
Printing expenses		*
Miscellaneous		*
Total	$	*

	Exhibit No.			Description
	1.1			Form of Underwriting Agreement.*
	1.2			Open Market Sale Agreement, dated as of November 21, 2022, between Icahn Enterprises L.P. and Jefferies LLC (incorporated by reference to Exhibit 1.1 to the Current Report on Form 8-K filed with the SEC on November 21, 2022).
	1.3			Open Market Sale Agreement, dated as of August 26, 2024, between Icahn Enterprises L.P. and Jefferies LLC (incorporated by reference to Exhibit 1.1 to the Current Report on Form 8-K filed with the SEC on August 26, 2024).
	4.1			Specimen Depositary Certificate (incorporated by reference to Exhibit 4.1 to Icahn Enterprises’ Form 10-Q for the quarterly period ended June 30, 2016 (SEC File No. 1-9516), filed on August 4, 2016).
	4.2			Specimen Certificate representing preferred units (incorporated by reference to Exhibit 4.9 to Icahn Enterprises’ Form S-3/A (SEC File No. 33-54767), filed on February 22, 1995).
	4.3			Form of Indenture.
	4.4			Form of Indenture (Subordinated Debt Securities).
	4.5			Form of Warrant Agreement and Warrant Certificate.*
	4.6			Form of Rights Agreement and Rights Certificate.*
	5.1			Opinion of Proskauer Rose LLP.
	8.1			Opinion of Proskauer Rose LLP relating to tax matters.
	23.1			Consent of Grant Thornton LLP.
	23.2			Consent of Proskauer Rose LLP (included in Exhibit 5.1).
	23.3			Consent of Proskauer Rose LLP (included in Exhibit 8.1 hereto)
	24.1			Power of Attorney (included on the signature pages to this Form S-3).

	Exhibit No.			Description
	25.1			Form T-1, Statement of Eligibility and Qualification under the Trust Indenture Act of 1939 under the Indenture.
	25.2			Form T-1 (Subordinated Debt Securities), Statement of Eligibility and Qualification under the Trust Indenture Act of 1939 under the Indenture.
	107			Filing Fee Table.

/s/ Andrew Teno Andrew Teno	President, Chief Executive Officer and Director	August 4, 2025
/s/ Ted Papapostolou Ted Papapostolou	Chief Financial Officer and Secretary	August 4, 2025
/s/ Robert Flint Robert Flint	Chief Accounting Officer	August 4, 2025
/s/ Denise Barton Denise Barton	Director	August 4, 2025
/s/ Nancy Dunlap Nancy Dunlap	Director	August 4, 2025
/s/ Stephen A. Mongillo Stephen A. Mongillo	Director	August 4, 2025
/s/ Carl C. Icahn Carl C. Icahn	Chairman of the Board	August 4, 2025

TRUST INDENTURE				INDENTURE
ACT SECTION				SECTION
310	(a)	(1)		7.10
	(a)	(2)		7.10
	(a)	(3)		N.A.
	(a)	(4)		N.A.
	(a)	(5)		7.10
	(b)			7.08; 7.10
	(c)			N.A.
311	(a)			7.11
	(b)			7.11
	(c)			N.A.
312	(a)			2.06
	(b)			11.03
	(c)			11.03
313	(a)			7.06
	(b)	(1)		7.06
	(b)	(2)		7.06; 7.07
	(c)			7.06; 11.02
	(d)			7.06
314	(a)			4.02; 4.03; 11.02
	(b)			N.A.
	(c)	(1)		11.04
	(c)	(2)		11.04
	(c)	(3)		N.A.
	(d)			N.A.
	(e)			11.05
	(f)			N.A.
315	(a)			7.01
	(b)			7.05; 11.02
	(c)			7.01
	(d)			7.01
	(e)			6.11
316	(a)	(last sentence)		2.09
	(a)	(1)	(A)	6.05
	(a)	(1)	(B)	6.04
	(a)	(2)		N.A.
	(b)			6.07
	(c)			9.04
317	(a)	(1)		6.08
	(a)	(2)		6.09
	(b)			2.05
318	(a)			11.01
	(b)			N.A.
	(c)			11.01

		Page
ARTICLE 1	DEFINITIONS AND INCORPORATION BY REFERENCE	01
SECTION 1.01.	Definitions	01
SECTION 1.02.	Other Definitions	06
SECTION 1.03.	Incorporation by Reference of Trust Indenture Act	06
SECTION 1.04.	Rules of Construction	06

ARTICLE 2	THE SECURITIES	07
SECTION 2.01.	Issuable in Series	07
SECTION 2.02.	Establishment of Terms of Series of Securities	07
SECTION 2.03.	Execution and Authentication	09
SECTION 2.04.	Registrar and Paying Agent	11
SECTION 2.05.	Paying Agent to Hold Money in Trust	11
SECTION 2.06.	Holders Lists	12
SECTION 2.07.	Transfer and Exchange	12
SECTION 2.08.	Mutilated, Destroyed, Lost and Stolen Securities	12
SECTION 2.09.	Outstanding Securities	13
SECTION 2.10.	Treasury Securities	13
SECTION 2.11.	Temporary Securities	14
SECTION 2.12.	Cancellation	14
SECTION 2.13.	Defaulted Interest	14
SECTION 2.14.	Global Securities	14
SECTION 2.15.	CUSIP Numbers	17

ARTICLE 3	REDEMPTION AND PREPAYMENT	17
SECTION 3.01.	Notices to Trustee	17
SECTION 3.02.	Selection of Securities to be Redeemed	17
SECTION 3.03.	Notice of Redemption	17
SECTION 3.04.	Effect of Notice of Redemption	18
SECTION 3.05.	Deposit of Redemption Price	19
SECTION 3.06.	Securities Redeemed in Part	19

ARTICLE 4	COVENANTS	19
SECTION 4.01.	Payment of Securities	19
SECTION 4.02.	Reports	19
SECTION 4.03.	Compliance Certificate	20
SECTION 4.04.	Corporate Existence	21
SECTION 4.05.	Calculation of Original Issue Discount	21

ARTICLE 5	SUCCESSORS	22
SECTION 5.01.	Merger, Consolidation or Sale of Assets	22

ARTICLE 6	DEFAULTS AND REMEDIES	22
SECTION 6.01.	Events of Default	22
SECTION 6.02.	Acceleration	24
SECTION 6.03.	Other Remedies	24

SECTION 6.04.	Waiver of Past Defaults	24
SECTION 6.05.	Control By Majority	24
SECTION 6.06.	Limitation on Suits	25
SECTION 6.07.	Rights of Holders to Receive Payment	25
SECTION 6.08.	Collection Suit by Trustee	25
SECTION 6.09.	Trustee May File Proofs of Claim	26
SECTION 6.10.	Priorities	26
SECTION 6.11.	Undertaking For Costs	26
ARTICLE 7	TRUSTEE	27
SECTION 7.01.	Duties of Trustee	27
SECTION 7.02.	Rights of Trustee	28
SECTION 7.03.	Individual Rights of Trustee	30
SECTION 7.04.	Trustee’s Disclaimer	30
SECTION 7.05.	Notice of Defaults	30
SECTION 7.06.	Reports By Trustee to Holders	30
SECTION 7.07.	Compensation and Indemnity	30
SECTION 7.08.	Replacement of Trustee	31
SECTION 7.09.	Successor Trustee by Merger, Etc.	32
SECTION 7.10.	Eligibility; Disqualification	32
SECTION 7.11.	Preferential Collection of Claims Against the Company	33

ARTICLE 8	DISCHARGE; LEGAL DEFEASANCE AND COVENANT DEFEASANCE	33
SECTION 8.01.	Discharge; Option to Effect Legal Defeasance or Covenant Defeasance	33
SECTION 8.02.	Legal Defeasance and Discharge	34
SECTION 8.03.	Covenant Defeasance	34
SECTION 8.04.	Conditions to Legal or Covenant Defeasance	35
SECTION 8.05.	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	36
SECTION 8.06.	Repayment to the Company	36
SECTION 8.07.	Reinstatement	37

ARTICLE 9	AMENDMENT, SUPPLEMENT AND WAIVER	37
SECTION 9.01.	Without Consent of Holders	37
SECTION 9.02.	With Consent of Holders of Securities	38
SECTION 9.03.	Compliance with Trust Indenture Act	39
SECTION 9.04.	Revocation and Effect of Consents and Waivers	40
SECTION 9.05.	Notation on or Exchange of Securities	40
SECTION 9.06.	Trustee to Sign Amendments, Etc.	40

ARTICLE 10	NOTE GUARANTEES	41
SECTION 10.01.	Guarantee	41
SECTION 10.02.	Limitation on Guarantor Liability	42
SECTION 10.03.	Execution and Delivery of Guarantee	42

ARTICLE 11	MISCELLANEOUS	42
SECTION 11.01.	Trust Indenture Act Controls	42
SECTION 11.02.	Notices	42
SECTION 11.03.	Communication by Holders of Securities with Other Holders of Securities	43
SECTION 11.04.	Certificate and Opinion as to Conditions Precedent	44
SECTION 11.05.	Statements Required in Certificate or Opinion	44
SECTION 11.06.	Rules by Trustee, Paying Agent and Registrar	44
SECTION 11.07.	No Personal Liability of Directors, Officers, Employees and Stockholders	44
SECTION 11.08.	GOVERNING LAW	45
SECTION 11.09.	No Adverse Interpretation of Other Agreements	45
SECTION 11.10.	Successors	45
SECTION 11.11.	Severability	45
SECTION 11.12.	Counterpart Originals	45
SECTION 11.13.	Table of Contents, Headings, Etc.	45

Term	Defined in Section
“Covenant Defeasance”		8.03
“Event of Default”		6.01
“Legal Defeasance”		8.02
“notice of acceleration”		6.02
“Paying Agent”		2.04
“Registrar”		2.04
“Service Agent”		2.04
“Transfer”		5.01

	If to the Company or the Guarantor:

	Icahn Enterprises L.P.
	Icahn Enterprises Finance Corp.
	16690 Collins Avenue, PH-1
	Sunny Isles Beach, Florida 33160
	Attention: Jesse Lynn, General Counsel

	With a copy to:

	Proskauer Rose LLP
	1001 Pennsylvania Avenue, NW, Suite 600 South
	Washington DC 20004-2533
	Attention: Louis Rambo, Esq.

	If to the Trustee:

	Wilmington Trust, National Association
	50 South Sixth Street, Suite 1290
	Minneapolis, MN 55402
	Telecopier No.: (612) 217-5651
	Attention: Corporate Trust Administration

	With a copy to:

	Alston & Bird LLP
	1120 South Tryon Street, Suite 300
	Charlotte, North Carolina 28203-6818
	Facsimile No.: ****
	Attention: ****

	ICAHN ENTERPRISES L.P.

	By:	Icahn Enterprises G.P., Inc.,
		its general partner

	By:
		Name:
		Title:

	ICAHN ENTERPRISES FINANCE CORP.

	By:
		Name:
		Title:

	WILMINGTON TRUST, NATIONAL ASSOCIATION, as TRUSTEE

	By:
		Name:
		Title:

SECTION 12.02.	Notices	48
SECTION 12.03.	Communication by Holders of Securities with Other Holders of Securities	49
SECTION 12.04.	Certificate and Opinion as to Conditions Precedent	49
SECTION 12.05.	Statements Required in Certificate or Opinion	49
SECTION 12.06.	Rules by Trustee, Paying Agent and Registrar	49
SECTION 12.07.	No Personal Liability of Directors, Officers, Employees and Stockholders	50
SECTION 12.08.	GOVERNING LAW	50
SECTION 12.09.	No Adverse Interpretation of Other Agreements	50
SECTION 12.10.	Successors	50
SECTION 12.11.	Severability	38
SECTION 12.12.	Counterpart Originals	38
SECTION 12.13.	Table of Contents, Headings, Etc.	38

Term	Defined in Section
“Covenant Defeasance”		8.03
“Event of Default”		6.01
“Legal Defeasance”		8.02
“notice of acceleration”		6.02
“Paying Agent”		2.04
“Registrar”		2.04
“Service Agent”		2.04
“Transfer”		5.01

Delaware	13-3398766
Delaware	20-1059842
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

	(a)	Name and address of each examining or supervising authority to which it is subject.
		Comptroller of Currency, Washington, D.C.
		Federal Deposit Insurance Corporation, Washington, D.C.

	(b)	Whether it is authorized to exercise corporate trust powers.
		The trustee is authorized to exercise corporate trust powers.

	WILMINGTON TRUST, NATIONAL ASSOCIATION

	By:	/s/ Karleen R. Bratland
	Name:	Karleen R. Bratland
	Title:	Assistant Vice President

	WILMINGTON TRUST, NATIONAL ASSOCIATION

Dated: August 4, 2025	By:	/s/ Karleen R. Bratland
		Name: Karleen R. Bratland
		Title: Assistant Vice President

	Thousands of Dollars
ASSETS
Cash and balances due from depository institutions:		581,398
Securities:		1,100
Federal funds sold and securities purchased under agreement to resell:		0
Loans and leases held for sale:		0
Loans and leases net of unearned income, allowance:		31,590
Premises and fixed asset		31,309
Other real estate owned:		0
Investments in unconsolidated subsidiaries and associated companies:		0
Direct and indirect investments in real estate ventures:		0
Intangible assets:		0
Other assets:		64,330
Total Assets:		709,727

	Thousands of Dollars
LIABILITIES
Deposits		5,688
Federal funds purchased and securities sold under agreements to repurchase		0
Other borrowed money:		0
Other Liabilities:		88,648
Total Liabilities		94,336

	Thousands of Dollars
EQUITY CAPITAL
Common Stock		1,000
Surplus		355,412
Retained Earnings		258,980
Accumulated other comprehensive income		(1	)
Total Equity Capital		615,391

Total Liabilities and Equity Capital		709,727