CVR Energy Commences $750 Million Common Stock Offering
CVR Energy, Inc. has announced an underwritten public offering of $750 million in common stock, with $500 million offered by the company and $250 million by controlling stockholder affiliate IEP Energy Holding LLC. CVR Energy intends to use its net proceeds, alongside cash on hand and other financing transactions, to fund its acquisition of Marathon Petroleum and MPLX refinery and marketing assets in St. Paul Park, Minnesota, and Mandan, North Dakota. Additionally, the proceeds will be allocated toward redeeming its outstanding 5.750% Senior Notes due 2028 and covering related transaction fees and expenses.
CVR Energy, Inc. (NYSE: CVI) announced the commencement of an underwritten public offering of $750 million of its common stock.
CVR Energy is offering $500 million of common stock, while IEP Energy Holding LLC is offering $250 million. IEP Energy Holding is an indirect subsidiary of Icahn Enterprises L.P., CVR Energy’s controlling stockholder.
CVR Energy intends to use its net proceeds from the offering, together with cash on hand and net proceeds from other related financing transactions, to fund its previously announced acquisition of the St. Paul Park, Minnesota, and Mandan, North Dakota, refineries and related marketing business from certain subsidiaries of Marathon Petroleum Corporation and MPLX LP.
The company also plans to use the funds to redeem its outstanding 5.750% Senior Notes due 2028 and pay related fees and expenses.
This article may include AI-generated content that is human-reviewed, which is for reference and general information purposes only and does not constitute investment advice.
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