CVR Refining Announces Launch of Public Offering of 6,000,000 Common Units Representing Limited Partner Interests
SUGAR LAND, Texas, June 24, 2014 /PRNewswire/ — CVR Refining, LP (NYSE: CVRR) (“CVR Refining”) today announced the launch of a public offering of 6,000,000 common units representing limited partner interests (“Common Units”). All of the Common Units are being offered by CVR Refining on a primary basis, the net proceeds of which are being used to redeem from CVR Refining Holdings, LLC (“CVR Refining Holdings”) a number of Common Units equal to the number of Common Units sold by CVR Refining in the offering.
CVR Refining anticipates granting the underwriters an option to purchase up to an additional 900,000 Common Units from CVR Refining at the public offering price. Accordingly, this offering will not change the number of Common Units outstanding.
Immediately before the offering, CVR Refining Holdings directly or indirectly owned a total of 104,790,764 Common Units, representing an approximate 71 percent limited partner interest in CVR Refining. Following the offering, CVR Refining Holdings will directly or indirectly own a total of 98,790,764 Common Units, or 97,890,764 Common Units if the underwriters exercise in full their option, representing an approximate 66.9 percent or 66.3 percent limited partner interest in CVR Refining, respectively.
Credit Suisse is acting as the sole representative of the underwriters. The offering will be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained from Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue, New York, NY 10010, telephone: 1-800-221-1037 or email at email@example.com.
When available, you may also get a copy of these documents for free by visiting the Securities and Exchange Commission’s website at http://www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Common Units, nor shall there be any sale of the Common Units in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains certain “forward-looking statements” that reflect the views and assumptions of CVR Refining’s management regarding future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond management’s control and may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. All forward-looking statements speak only as of the date hereof. CVR Refining does not assume any obligation to update or revise the information in any forward-looking statements.
About CVR Refining, LP
Headquartered in Sugar Land, Texas, CVR Refining, LP is an independent downstream energy limited partnership that owns refining and related logistics assets in the Midcontinent United States. CVR Refining’s subsidiaries operate a complex full coking medium-sour crude oil refinery with a rated capacity of 115,000 barrels per calendar day (bpcd) in Coffeyville, Kan., and a medium complexity crude oil refinery with a rated capacity of 70,000 bpcd in Wynnewood, Okla. CVR Refining’s subsidiaries also operate supporting logistics assets including approximately 336 miles of owned and leased pipelines, more than 150 crude oil transports, a network of strategically located crude oil gathering tank farms, and more than six million barrels of owned and leased crude oil storage capacity.
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