CVI - CVR Energy Announces Pricing of Private Placement of $600 Million of 8.500% Senior Notes due 2029 | Benzinga
SUGAR LAND, Texas, Dec. 08, 2023 (GLOBE NEWSWIRE) -- CVR Energy, Inc. (the "Company" or "CVR Energy") (NYSE:CVI) announced today the pricing of its private placement (the "Offering") pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), of $600 million in aggregate principal amount of 8.500% senior unsecured notes due 2029 (the "Notes"). The Notes mature on January 15, 2029, and will be issued at par. The Notes will be jointly and severally guaranteed on a senior unsecured basis by certain of the Company's domestic subsidiaries, including each of the Company's subsidiaries that is a borrower or guarantor under the Company's $275 million senior secured asset based revolving credit facility. The Offering is expected to close on December 21, 2023, subject to customary closing conditions.
The Company intends to use the net proceeds from the Offering, together with cash on hand, to redeem all of its outstanding 5.250% Senior Notes due 2025 (the "2025 Notes"). The Company expects to redeem the 2025 Notes on or after February 15, 2024, at an expected redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, on the 2025 Notes to be redeemed to the redemption date.
The offer and sale of the Notes and the related guarantees have not been registered under the Securities Act, or any state securities laws, and unless so registered, ...