CVR Refining Prices Public Offering at $30.75 per Common Unit

SUGAR LAND, Texas, May 14, 2013 /PRNewswire/ -- CVR Refining, LP ("CVR Refining") today announced the pricing of its public offering of 12,000,000 common units representing limited partner interests ("Common Units") at the public offering price of $30.75 per Common Unit.  CVR Refining has granted the underwriters an option to purchase up to an additional 1,800,000 Common Units from CVR Refining at the 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. The offering is expected to close on May 20, 2013, subject to customary closing conditions.

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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. 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 120,000,000 Common Units, representing an approximate 81 percent limited partner interest in CVR Refining. Following the offering, CVR Refining Holdings will directly or indirectly own a total of 108,000,000 Common Units, or 106,200,000 Common Units if the underwriters exercise in full their option, representing an approximate 73 percent or 72 percent limited partner interest in CVR Refining, respectively. In addition, the majority stockholder of CVR Energy, Inc., Icahn Enterprises, L.P., has indicated that it or its affiliates may purchase 2,000,000 Common Units from CVR Refining Holdings in a concurrent privately negotiated transaction at a price per Common Unit equal to the price per Common Unit paid by the public in this offering.

Credit Suisse, Barclays, Citigroup, Jefferies, J.P. Morgan and UBS Investment Bank are acting as joint book-running managers and SunTrust Robinson Humphrey is acting as a co-manager.  The offering will be made only by means of a prospectus.  When available, a final 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 [email protected];
• Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-888-603-5847 or email at [email protected]; 
• Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-800-831-9146 or email at [email protected];
• Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, 12th Floor, New York, NY 10022, telephone: 1-877-547-6340 or email at [email protected];
• J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-866-803-9204; or
• 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 the final 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, and declared effective by, the Securities and Exchange Commission. 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. 

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 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.

For further information, please contact:

Investor Relations:
Jay Finks
CVR Refining, LP
281-207-3588
[email protected]

Media Relations:
Angie Dasbach
CVR Refining, LP
913-982-0482
[email protected]

SOURCE CVR Refining, LP