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SUGAR LAND, Texas,
Oct. 10, 2012 /PRNewswire/ -- CVR Energy, Inc. (NYSE: CVI) announced that its wholly-owned subsidiaries, CVR Refining, LLC and Coffeyville Finance Inc. (the "issuers"), have priced an offering of
$500 million aggregate principal amount of second lien senior secured notes due 2022. The notes are being sold at an issue price of 100% and will bear interest at the rate of 6.500% per year, payable semi-annually.
The notes will be secured by substantially the same assets that secure the outstanding 10.875% second lien senior secured notes due 2017 (the "2017 notes") issued by Coffeyville Resources, LLC and Coffeyville Finance Inc., subject to exceptions, until such time that the 2017 notes have been discharged in full.
The issuers intend to use the net proceeds from the offering to finance the purchase of the outstanding 9.0% first lien senior secured notes due 2015 (the "2015 notes") issued by Coffeyville Resources, LLC and Coffeyville Finance Inc. pursuant to a tender offer and consent solicitation which commenced on
October 9, 2012. If any or all of the 2015 notes are not purchased in the tender offer, the issuers may use a portion of the net proceeds from the offering to finance the redemption, defeasance or discharge of the 2015 notes. This news release does not constitute a notice of redemption or an obligation to issue a notice of redemption. The issuers intend to use any remaining proceeds for general corporate purposes.
The sale of the notes is expected to be consummated on
October 23, 2012, subject to customary closing conditions.
The notes are being offered and sold to qualified institutional buyers in
the United States pursuant to Rule 144A and outside
the United States pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The notes have not been, and will not be, registered under the Securities Act, or any state securities laws, and may not be offered or sold in
the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and the rules promulgated thereunder.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. This notice is being issued pursuant to and in accordance with Rule 135c under the Securities Act.