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CVR Energy to offer $1.1B of senior notes in private placement


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CVR Energy to offer $1.1B of senior notes in private placement

CVR Energy Inc. plans to offer a private placement of $1.1 billion of senior unsecured notes due 2025 and 2028.

The U.S. refiner will use the proceeds to fund the redemption of all the outstanding 6.500% second lien senior secured notes due 2022 issued by subsidiaries CVR Refining LLC and Coffeyville Finance Inc., according to a Jan. 7 news release.

The company will use the rest of the proceeds for general corporate purposes, including funding acquisitions, capital projects and share repurchases.

CVR Energy's subsidiaries also delivered a conditional redemption notice for the 2022 notes with a redemption date of Jan. 27. The redemption price is equal to 101.083% plus accrued and unpaid interest.

The 2022 notes redemption is conditioned on CVR Energy issuing at least $500.0 million of the senior unsecured notes on or before Jan. 27. If the conditions are not met, the refiner will revoke the redemption, and the 2022 notes will remain outstanding.

Wells Fargo Bank NA is acting as the trustee for the 2022 notes and the paying agent for the redemption.