CVR Energy Inc. priced a private placement of $1 billion in senior unsecured notes consisting of $600 million of 5.250% senior unsecured notes due 2025 and $400 million of 5.750% senior unsecured notes due 2028 at par, according to a Jan. 10 news release.
The company originally announced a private placement of $1.1 billion of senior unsecured notes due 2025 and 2028. S&P Global Ratings, in a Jan. 9 research update, assigned a BB- issuer credit rating to CVR Energy and a BB- issue-level rating to its senior notes due 2025 and 2028.
Proceeds will be used to redeem all of the outstanding 6.500% second lien senior secured notes due 2022 issued by subsidiaries CVR Refining LLC and Coffeyville Finance Inc. The remaining proceeds will be used for general corporate purposes which may include funding acquisitions, capital projects and share repurchases.
The offering is expected to close on Jan. 27, subject to customary closing conditions.
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