SUGAR LAND, Texas
May 14, 2013
/PRNewswire/ -- CVR Refining, LP ("CVR Refining") today announced the pricing of its public offering of 12,000,000 common units representing limited partner interests ("Common Units") at the public offering price of
per Common Unit. CVR Refining has granted the underwriters an option to purchase up to an additional 1,800,000 Common Units from CVR Refining at the 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. The offering is expected to close on
May 20, 2013
, subject to customary closing conditions.
CVR Refining intends to use the net proceeds from the offering, including any proceeds from the underwriters' option to purchase additional Common Units, to redeem from CVR Refining Holdings, LLC ("CVR Refining Holdings") a number of Common Units equal to the number of Common Units sold in the offering. Accordingly, the offering will not change the number of Common Units outstanding.
Immediately before the offering, CVR Refining Holdings directly or indirectly owned a total of 120,000,000 Common Units, representing an approximate 81 percent limited partner interest in CVR Refining. Following the offering, CVR Refining Holdings will directly or indirectly own a total of 108,000,000 Common Units, or 106,200,000 Common Units if the underwriters exercise in full their option, representing an approximate 73 percent or 72 percent limited partner interest in CVR Refining, respectively. In addition, the majority stockholder of CVR Energy, Inc., Icahn Enterprises, L.P., has indicated that it or its affiliates may purchase 2,000,000 Common Units from CVR Refining Holdings in a concurrent privately negotiated transaction at a price per Common Unit equal to the price per Common Unit paid by the public in this offering.