Press release from PR Newswire
CVR Energy Announces Pricing of Upsized Secondary Public Offering of 18,000,000 Shares of Common Stock
Thursday, November 18, 2010
SUGAR LAND, Texas, Nov. 18, 2010 /PRNewswire-FirstCall/ -- CVR Energy, Inc. (NYSE: CVI) today announced the pricing of a registered underwritten secondary public offering of 18,000,000 shares of CVR Energy's common stock by certain of its stockholders at a public offering price of $10.75 per share. No shares were sold by the Company and it will not receive any proceeds from the offering.
The selling stockholders include affiliates of Goldman, Sachs & Co. and Kelso & Company, L.P., who will own approximately 19 percent and 24 percent of CVR Energy's outstanding common stock, respectively, following the offering. In addition, the Company's chief executive officer is also selling 70,000 shares of the Company's common stock in the offering for personal tax planning purposes. The size of the offering was increased from the previously announced 15,000,000 shares, with the additional 3,000,000 shares being sold by affiliates of Goldman, Sachs & Co. and Kelso & Company, L.P.
In connection with the offering, certain of the selling stockholders have granted the underwriters a 30-day option to purchase up to an aggregate of 2,700,000 additional shares. The offering is expected to close on November 24, 2010, subject to customary closing conditions.
Deutsche Bank Securities and Goldman, Sachs & Co. are acting as the joint book-running managers for the offering, with Simmons & Company International and Tudor, Pickering, Holt & Co. acting as co-managers. The offering is being made only by means of a prospectus and related prospectus supplement, copies of which may be obtained when available from: Deutsche Bank Securities, Attention: Prospectus Department, Harborside Financial Center, 100 Plaza One, Jersey City, NJ 07311-3988, telephone: 800-503-4611 or e-mail at firstname.lastname@example.org and Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: (866) 471-2526, facsimile: (212) 902-9316, or email at email@example.com. You may also get these documents for free by visiting the Securities and Exchange Commission's website at www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the shares of common stock or any other securities, nor shall there be any sale of the shares of common stock or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The common stock is being offered pursuant to an effective registration statement filed with the Securities and Exchange Commission.
About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy, Inc.'s subsidiary and affiliated businesses include an independent refiner that operates a 115,000 barrel per day refinery in Coffeyville, Kan., and markets high value transportation fuels supplied to customers through tanker trucks and pipeline terminals; a crude oil gathering system serving Kansas, northern Oklahoma, western Missouri and southwestern Nebraska; an asphalt and refined fuels storage and terminal business in Phillipsburg, Kan.; and through a limited partnership, an ammonia and urea ammonium nitrate fertilizer business located in Coffeyville, Kan.
For further information, please contact:
Stirling Pack, Jr.
CVR Energy, Inc.
CVR Energy, Inc.
SOURCE CVR Energy, Inc.
For further information: Investor Relations, Stirling Pack, Jr., +1-281-207-3464, InvestorRelations@CVREnergy.com, or Media Relations, Steve Eames, +1-281-207-3550, MediaRelations@CVREnergy.com, both of CVR Energy, Inc.