CVR Refining Prices Public Offering At $26.07 Per Unit

(RTTNews) - CVR Refining LP (CVRR) announced the pricing of its public offering of 6.50 million common units representing limited partner interests at the public offering price of $26.07 per Common Unit.

The company and CVR Refining Holdings have granted the underwriters an option to purchase up to an aggregate additional 975,000 Common Units from CVR Refining at the public offering price. The offering is expected to close on June 30, 2014, 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 a number of Common Units equal to the number of Common Units sold in the offering.

CVR Refining noted that it will not receive any proceeds from the sale of Common Units by sold by CVR Refining Holdings. 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 104.79 million Common Units, representing an approximate 71 percent limited partner interest in CVR Refining. Following the offering, CVR Refining Holdings will directly or indirectly own a total of 98.79 million Common Units, or 98.20 million Common Units if the underwriters exercise in full their option, representing an approximate 66.9 percent or 66.5 percent limited partner interest in CVR Refining, respectively.

Credit Suisse, Barclays, Citigroup, Jefferies, J.P. Morgan, Morgan Stanley and UBS Investment Bank are acting as joint book running managers.