CVR Refining, LP Announces Launch of Initial Public Offering Tuesday, January 8, 2:11 PM ET
CVR Refining today announced the launch of its IPO 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, or 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.
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