CVR Energy unit plans to raise up to $300M in IPO
SUGAR LAND, Texas -- CVR Energy's refining subsidiary plans to raise up to $300 million in an initial public offering.
CVR Refining LP plans to list its common units on the New York Stock Exchange under the ticker symbol "CVRR." All of the common units to be sold in the IPO will be sold by CVR Refining.
The independent downstream energy limited partnership has yet to determine how many common units will be included in the IPO and what price range they will be offered at.
CVR Refining said in a regulatory filing on Monday that it plans to use the offering's net proceeds to buy back some senior notes due 2017 that were issued by Coffeyville Resources; to prefund some maintenance and environmental capital expenditures through 2014; to fund the turnaround expenses of its Wynnewood refinery in the fourth quarter and for general purposes.
Shares of CVR Energy Inc., based in Sugar Land, Texas, gained $3.70, or 10.1 percent, to $40.45 in morning trading. The stock hit an all-time high of $40.64 earlier in the session.