CVR Refining LP announced the pricing of its initial public offering of 24 million common units at $25 per common unit, at middle of estimated range. The offering is expected to close on January 23, 2013
In the amended S-1 filing with the SEC, the company had estimated to offer 20 million units of between $24.00 and $26.00.
The common units are scheduled to begin trading tomorrow on the New York Stock Exchange under the symbol “CVRR.”
The Texas-based company granted underwriters an option to buy additional 3.6 million common units at the initial public offering price.
After the offering, CVR Energy, Inc. will indirectly own common units representing approximately 83.7% of CVR Refining’s outstanding units and CVR Refining’s general partner, which owns a non-economic general partner interest in CVR Refining.
In addition, Icahn Enterprises, L.P., majority stockholder of CVR Energy, Inc, or its affiliates will purchase 4 million of CVR Refining’s common units in the offering and will own about 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.
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by RTT Staff Writer
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