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SOURCE CVR Refining, LP
SUGAR LAND, Texas, June 25, 2014 /PRNewswire/ -- CVR Refining, LP (NYSE: CVRR) ("CVR Refining") today announced the pricing of its public offering of 6,500,000 common units representing limited partner interests ("Common Units") at the public offering price of $26.07 per Common Unit. We and CVR Refining Holdings have granted the underwriters an option to purchase up to an aggregate additional 975,000 Common Units from CVR Refining at the public offering price. The offering is expected to close on June 30, 2014, subject to customary closing conditions.
CVR Refining intends to use the net proceeds from the offering, including any proceeds from the underwriters' option to purchase additional Common Units, to redeem from CVR Refining Holdings, LLC ("CVR Refining Holdings") a number of Common Units equal to the number of Common Units sold in the offering. CVR Refining will not receive any proceeds from the sale of Common Units by sold by CVR Refining Holdings. Accordingly, the 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 98,201,655 Common Units if the underwriters exercise in full their option, representing an approximate 66.9 percent or 66.5 percent limited partner interest in CVR Refining, respectively.
Credit Suisse, Barclays, Citigroup, Jefferies, J.P. Morgan, Morgan Stanley and UBS Investment Bank are acting as joint book running managers. The offering will be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained from:
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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CVR Refining, LP
CVR Refining, LP
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