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ACEP acquisition closed

21 Feb 2008

NEW YORK -- (PRESS RELEASE) -- Icahn Enterprises L.P. ("Icahn Enterprises") and its subsidiary American Casino & Entertainment Properties LLC ("ACEP") announced today the closing of the acquisition (the "Acquisition") of ACEP, which held the Stratosphere and three other Nevada gaming properties. The purchaser was an affiliate of Whitehall Street Real Estate Fund. The Acquisition closed on February 20, 2008. With the closing of this transaction at a purchase price of $1.2 billion, Icahn Enterprises has realized a gain in excess of $700 million, before taxes. Pro forma for this transaction Icahn Enterprises will have in excess of approximately $4.0 billion to pursue opportunities to enhance unit holder value.

In connection with the closing of the Acquisition, Icahn Enterprises and ACEP also announced that ACEP has accepted for payment and has repaid all of its outstanding 7.85% Senior Secured Notes due 2012, which were tendered pursuant to ACEP's previously announced tender offer and consent solicitation. In addition, ACEP has repaid in full all amounts outstanding, and terminated all commitments, under its credit facility with Bear Stearns Corporate Lending Inc., as administrative agent, and the other lenders thereunder.

 
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