CVR Refining Announces Closing Of Public Offering Of Common Units

SUGAR LAND, Texas, June 30, 2014 /PRNewswire/ -- CVR Refining, LP (NYSE: CVRR) ("CVR Refining") today announced the closing of its public offering of 6,500,000 common units representing limited partner interests ("Common Units"). CVR Refining and CVR Refining Holdings, LLC ("CVR Refining Holdings") have granted the underwriters an option to purchase up to an aggregate additional 975,000 Common Units at a price of $26.07 per Common Unit. 

CVR Refining used the net proceeds from the offering to redeem from 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 sold by CVR Refining Holdings. The offering, including any exercise of the underwriters' option to purchase additional Common Units, 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. CVR Refining Holdings now owns a total of 98,290,764 Common Units, representing an approximate 67 percent limited partner interest in CVR Refining.

Credit Suisse, Barclays, Citigroup, J.P. Morgan, Jefferies, 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:

  • Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue, New York, NY 10010, telephone: 1-800-221-1037 or email at newyork.prospectus@credit-suisse.com;
  • Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-888-603-5847 or email at barclaysprospectus@broadridge.com;
  • Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-800-831-9146 or email at prospectus@citi.com;
  • J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-866-803-9204;
  • Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, telephone: 1-877-547-6340 or email at prospectus_department@jefferies.com;
  • Morgan Stanley, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; and
  • UBS Securities LLC, Attn: Prospectus Department, 299 Park Avenue, New York, NY 10171, telephone: 1-888-827-7275.

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. 

Forward-Looking Statements
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.

For further information, please contact:

Investor Relations:
Jay Finks
CVR Refining, LP
913-982-0481
IR@CVRRefining.com

Media Relations:
Angie Dasbach
CVR Refining, LP
281-207-3550
MediaRelations@CVRRefining.com

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SOURCE CVR Refining, LP



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