Exhibit 99.3
The following table sets forth our cash and cash equivalents and our capitalization on a consolidated basis as of September 30, 2009 on an actual and pro forma basis. This table should be read in conjunction with “Summary — Summary Consolidated Historical and Pro Forma Financial Data,” “Use of Proceeds,” “Selected Historical Consolidated Financial Data,” the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2008, which is included in Annex A of this offering memorandum, and our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2009, which is included in Annex B of this offering memorandum.
As of September 30, 2009 | ||||||||
Actual | Pro Forma | |||||||
(In millions) | ||||||||
Liquid assets: | ||||||||
Holding Company cash and cash equivalents(1) | $ | 1,033 | $ | 1,675 | ||||
Holding Company investments in the Private Funds | 1,233 | 1,233 | ||||||
Holding Company liquid assets | 2,266 | 2,908 | ||||||
Subsidiary cash and cash equivalents | 1,077 | 1,402 | ||||||
Total liquid assets | $ | 3,343 | $ | 4,310 | ||||
Holding Company debt: | ||||||||
Senior unsecured 7.125% notes due 2013(2) | $ | 967 | $ | — | ||||
Senior unsecured 8.125% notes due 2012(2) | 353 | — | ||||||
Notes | — | 2,000 | ||||||
Senior unsecured variable rate convertible notes due 2013 | 556 | 556 | ||||||
Mortgages payable(3) | 75 | 75 | ||||||
Total Holding Company debt | $ | 1,951 | $ | 2,631 | ||||
Subsidiary debt(3): | ||||||||
Exit facilities – Federal-Mogul | $ | 2,567 | $ | 2,567 | ||||
Mortgages payable | 40 | 40 | ||||||
Senior unsecured notes – ARI | — | 275 | ||||||
Senior secured notes and other debt – Viskase(4) | — | 177 | ||||||
Other | 82 | 82 | ||||||
Total subsidiary debt | $ | 2,689 | $ | 3,141 | ||||
Total consolidated debt | $ | 4,640 | $ | 5,772 | ||||
Preferred limited partner units | $ | 135 | $ | — | ||||
Equity: | ||||||||
Attributable to Icahn Enterprises | $ | 2,668 | $ | 2,961 | ||||
Attributable to non-controlling interests | 4,467 | 4,620 | ||||||
$ | 7,135 | $ | 7,581 | |||||
Total capitalization | $ | 11,910 | $ | 13,353 |
(1) | Includes liquid investment (excluding Investment Management) of $17 million. |
(2) | Excludes unamortized original issue debt discount. |
(3) | Debt is non-recourse to Holding Company. |
(4) | Pro forma for debt refinancing closed on December 21, 2009. |