CVR Energy withdraws $125M notes request

SUGAR LAND, Texas - CVR Energy Inc. said Wednesday it has decided against offering $125 million in convertible senior notes due in part to falling energy prices. Its shares fell more than 8 percent.

The refiner withdrew a registration statement with the Securities and Exchange Commission for the notes, which had been set to come due in 2013.

"When this offering was filed on June 19, the price of crude was over $130 per barrel with forecasts of crude rising to between $150 and $200 per barrel," Jack Lipinski, chairman, president and chief executive officer, said in a statement. "Now that crude prices have retreated along with the risk of unprecedented price spikes, we have withdrawn this offering."

Light, sweet crude for December delivery fell $4.83 to $65.70 a barrel in middday trading on the New York Mercantile Exchange.

CVR Energy shares fell 46 cents, or 8.2 percent, to $5.18 in midday trading. The stock has traded between $2.15 and $30.94 in the past 52 weeks.

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