CVR Energy Announces Results of Exchange Offer
30 Juillet 2018 - 1:45PM
CVR Energy, Inc. (NYSE: CVI) (“CVR Energy”) today announced
the results of its offering to exchange shares of CVR Energy
common stock for up to 37,154,236 common units of
CVR Refining, LP (“CVR Refining”) (the “Exchange Offer”). The
Exchange Offer expired at 5:00 p.m., New York City time, on July
27, 2018.
Based on the count by American Stock Transfer & Trust Co.,
LLC, the exchange agent for the Exchange Offer, a total of
21,625,106 common units of CVR Refining were validly tendered and
not properly withdrawn in the Exchange Offer (including 3,416,020
common units that were tendered through notices of guaranteed
delivery), which, together with the common units owned by CVR
Energy and its affiliates (including affiliates of Icahn
Enterprises L.P.), represent approximately 84.5% of CVR Refining’s
outstanding common units. All of the common units that were validly
tendered and not properly withdrawn have been accepted in the
Exchange Offer and will be exchanged for an estimated 13,699,505
shares of CVR Energy common stock in accordance with the terms of
the Exchange Offer and applicable law.
The exchange agent will promptly exchange all of
the tendered common units for an estimated 13,699,505 shares of CVR
Energy common stock at the exchange ratio of one common unit for
0.6335 shares of CVR Energy common stock.
D.F. King & Co., Inc. acted as information
agent for the Exchange Offer. Any questions regarding the Exchange
Offer may be directed to the information agent toll free at (866)
387-7321 or via email at CVR@dfking.com.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN
OFFER TO PURCHASE, OR A SOLICITATION OF AN OFFER TO SELL, ANY
SECURITIES. THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES
ONLY.
Cautionary Statement Regarding Forward-Looking
StatementsThis press release may contain “forward-looking
statements” within the meaning of the federal securities laws,
including Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended. In this context, forward-looking statements often
address expected future business and financial performance and
financial condition, and often contain words such as “expect,”
“anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,”
“would,” “target,” similar expressions, and variations or negatives
of these words. Forward-looking statements by their nature address
matters that are, to different degrees, uncertain, such as
statements about the commencement and consummation of the proposed
Exchange Offer and the anticipated benefits thereof. Such
statements involve risks, uncertainties and assumptions. If such
risks or uncertainties materialize or such assumptions prove
incorrect, the results could differ materially from those expressed
or implied by such forward-looking statements and assumptions. All
statements other than statements of historical fact are statements
that could be deemed forward-looking statements, including any
statements regarding the completion of the Exchange Offer and any
statements of assumptions underlying any of the foregoing. Risks,
uncertainties and assumptions include the possibility that expected
benefits may not materialize as expected; that, after the
completion of the Exchange Offer, the businesses of CVR Energy or
CVR Refining may not perform as expected; and other risks that
are described in CVR Energy’s and CVR Refining’s latest Annual
Reports on Form 10-K and their other filings with the SEC.
Neither CVR Energy nor CVR Refining assume any obligation and do
not intend to update these forward-looking statements.
About CVR Energy, Inc.Headquartered in Sugar
Land, Texas, CVR Energy is a diversified holding company primarily
engaged in the petroleum refining and nitrogen fertilizer
manufacturing industries through its holdings in two limited
partnerships, CVR Refining, LP and CVR Partners, LP. CVR Energy
subsidiaries serve as the general partner and own 66 percent of the
common units of CVR Refining and 34 percent of the common units of
CVR Partners.
About CVR Refining, LPHeadquartered in Sugar
Land, Texas, CVR Refining, LP is an independent downstream energy
limited partnership that owns refining and related logistics assets
in the Midcontinent United States. CVR Refining’s subsidiaries
operate a complex full coking medium-sour crude oil refinery with a
capacity of 132,000 barrels per calendar day (bpcd) in Coffeyville,
Kansas, and a complex crude oil refinery with a capacity of 74,500
bpcd in Wynnewood, Oklahoma. CVR Refining’s subsidiaries also
operate and invest in supporting logistics assets, including
approximately 570 miles of owned, leased and joint venture
pipelines, approximately 130 crude oil transports, a network of
strategically located crude oil gathering tank farms, and
approximately 6.4 million barrels of owned and leased crude oil
storage capacity.
For further information, please contact:
Investor Contact:Jay FinksCVR Energy, Inc.(281)
207-3588InvestorRelations@CVREnergy.com
Media Relations:Brandee StephensCVR Energy,
Inc.(281) 207-3516MediaRelations@CVREnergy.com
CVR Energy (NYSE:CVI)
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