CVR Energy Announces Pricing of $1.0 Billion Private Placement of 5.250% Senior Notes due 2025 and 5.750% Senior Notes due 20...
11 January 2020 - 8:56AM
CVR Energy, Inc. (NYSE: CVI) (the “Company” or “CVR Energy”)
announced today the pricing of its private placement (the
“Offering”) under Rule 144A and Regulation S of the Securities Act
of 1933, as amended (the “Securities Act”), of $1.0 billion in
aggregate principal amount of senior unsecured notes, consisting of
$600 million in aggregate principal amount of 5.250% senior
unsecured notes due 2025 (the “2025 Notes”) and $400 million in
aggregate principal amount of 5.750% senior unsecured notes due
2028 (the “2028 Notes”). The 2025 Notes mature on February 15, 2025
and will be issued at par. The 2028 Notes mature on February 15,
2028 and will be issued at par. The Offering is expected to close
on January 27, 2020, subject to customary closing conditions.
The Company intends to use the net proceeds from
the Offering to fund the previously announced redemption of all the
outstanding 6.500% Second Lien Senior Secured Notes due 2022 issued
by CVR Refining, LLC and Coffeyville Finance Inc., each indirect
wholly owned subsidiaries of the Company. The remaining net
proceeds will be used for general corporate purposes, which may
include funding (i) acquisitions, (ii) capital projects and/or
(iii) share repurchases or other distributions to its
stockholders.
The securities to be sold have not been
registered under the Securities Act, or any state securities laws,
and unless so registered, the securities may not be offered or sold
in the United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and applicable state securities laws. The Company
plans to offer and sell the securities only to qualified
institutional buyers pursuant to Rule 144A under the Securities Act
and to persons outside the United States pursuant to Regulation S
under the Securities Act.
This news release shall not constitute an offer
to sell, or the solicitation of an offer to buy, any of these
securities or any other securities, nor shall there be any sale of
these securities or any other securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful.
About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy
is a diversified holding company primarily engaged in the petroleum
refining and marketing business through its interest in CVR
Refining and the nitrogen fertilizer manufacturing business through
its interest in CVR Partners, LP. CVR Energy subsidiaries serve as
the general partner and own 34 percent of the common units of CVR
Partners.
Cautionary Statement Regarding
Forward-Looking Statements
This news release may contain forward-looking
statements within the meaning of Section 27A of the Securities Act
and Section 21E of the Securities Exchange Act of 1934, as amended.
Statements concerning current estimates, expectations and
projections about future results, performance, prospects,
opportunities, plans, actions and events and other statements,
concerns, or matters that are not historical facts are
“forward-looking statements,” as that term is defined under the
federal securities laws. These forward-looking statements include,
but are not limited to, the statements regarding the Offering and
the use of proceeds therefrom and the conditional redemption of the
2022 Notes. You can generally identify forward-looking statements
by our use of forward-looking terminology such as “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “explore,”
“evaluate,” “intend,” “may,” “might,” “plan,” “potential,”
“predict,” “seek,” “should,” or “will,” or the negative thereof or
other variations thereon or comparable terminology. These
forward-looking statements are only predictions and involve known
and unknown risks and uncertainties, many of which are beyond our
control. For additional discussion of risk factors which may affect
our results, please see the risk factors and other disclosures
included in our most recent Annual Report on Form 10-K, any
subsequently filed Quarterly Reports on Form 10-Q and our
other filings with the Securities and Exchange Commission.
These and other risks may cause our actual results, performance or
achievements to differ materially from any future results,
performance or achievements expressed or implied by these
forward-looking statements. Given these risks and uncertainties,
you are cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements included
in this news release are made only as of the date hereof. CVR
Energy disclaims any intention or obligation to update
publicly or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except to
the extent required by law.
For further information, please contact:
Investor Contact:Richard
RobertsCVR Energy, Inc.(281)
207-3205InvestorRelations@CVREnergy.com
Media Relations:Brandee
StephensCVR Energy, Inc.(281)
207-3516MediaRelations@CVREnergy.com
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