CVR Refining, LP Announces Launch of Initial Public Offering
SUGAR LAND, Texas, Jan. 8, 2013 /PRNewswire/ -- CVR Refining, LP ("CVR Refining") today announced the launch of its initial public offering of 20,000,000 common units representing limited partner interests. CVR Refining will list its common units on the New York Stock Exchange under the symbol "CVRR." CVR Refining anticipates granting the underwriters an option to purchase up to an additional 3,000,000 common units from CVR Refining at the initial public offering price. All of the common units to be sold in this offering (including the common units that may be sold to satisfy the underwriters' option) will be sold by CVR Refining.
After the offering, CVR Energy, Inc. will indirectly own common units representing approximately 86.4% of CVR Refining's outstanding units (approximately 84.4% if the underwriters exercise their option to purchase additional common units in full) and CVR Refining's general partner, which owns a non-economic general partner interest in CVR Refining. In addition, the majority stockholder of CVR Energy Inc., Icahn Enterprises, L.P., has indicated that it or its affiliates may purchase up to 4,000,000 of CVR Refining's common units in the offering, in which case they will own approximately 2.7% of the outstanding common units.
Credit Suisse, Citigroup, Barclays, UBS Investment Bank and Jefferies are acting as joint book-running managers and J.P. Morgan, Macquarie Capital and Simmons & Company International are acting as co-managers for the initial public offering. The offering will be made only by means of a prospectus. When available, a preliminary prospectus relating to the offering 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 firstname.lastname@example.org;
- Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-800-831-9146 or email at email@example.com;
- Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-888-603-5847 or email at firstname.lastname@example.org;
- UBS Securities LLC, Attn: Prospectus Department, 299 Park Avenue, New York, NY 10171, telephone: 1-888-827-7275; or
- Jefferies & Company, Inc., Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, 12th Floor, New York, NY 10022, telephone: 1-877-547-6340 or email at email@example.com.
You may also get a copy of the preliminary prospectus for free by visiting the Securities and Exchange Commission's website at http://www.sec.gov.
A registration statement relating to the common units has been filed with the Securities and Exchange Commission but has not yet become effective. The common units may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the common units in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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 115,000 barrel per day complex full coking medium-sour crude oil refinery in Coffeyville, Kan., and a 70,000 bpd medium complexity crude oil refinery in Wynnewood, Okla. CVR Refining's subsidiaries also operate supporting logistics assets including approximately 350 miles of pipelines, more than 125 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.
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.
For further information, please contact:
CVR Refining, LP
CVR Refining, LP
SOURCE CVR Refining, LP
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