CVR Energy, Inc. (NYSE: CVI) has announced its intention to offer $1 billion in aggregate principal amount of senior unsecured notes due 2031 and senior unsecured notes due 2034 in a private placement. The company plans to use the net proceeds from the offering, along with cash on hand or borrowings under its existing $345 million senior secured asset-based revolving credit facility, to repay all of the aggregate principal balance under its senior secured term loan facility, redeem all of its outstanding 8.500% senior notes due 2029, and redeem $217 million aggregate principal amount of its outstanding 5.750% senior notes due 2028.
The offer and sale of the notes and the related guarantees have not been registered under the securities act, or any state securities laws. The company plans to offer and sell these securities only to qualified institutional buyers pursuant to rule 144a under the securities act and to non-U.S. persons outside the United States pursuant to regulation s under the securities act.
As of the date of the press release, there is no assurance that the offering will be consummated on the terms described or at all. This news release does not constitute an offer to sell, or the solicitation of an offer to buy, any of these securities or any other securities.
It's important to note that these figures are subject to market conditions and changes in the company's financial situation. Today the company's shares have moved -4.12% to a price of $23.30. For more information, read the company's full 8-K submission here.
