On Nov. 3, CVR Energy announced an underwritten public offering of common stock with a stated total value of $750 million. It includes $500 million of newly issued shares from the company and $250 million of shares sold by controlling stockholder Icahn Enterprises through its subsidiary, IEP Energy Holding. The stated purpose of the offering was to fund a refinery acquisition. On Nov. 4, the company priced a $500 million public offering at $47.55 per share.
The company is selling $500 million in new shares, while its controlling shareholder is offering $250 million, as part of a plan to fund a deal that would raise crude processing capacity to about 384,000 barrels per day.
Read the full storyThe company priced the sale of over 10.5 million shares to raise new capital and facilitate a secondary sale by Icahn Enterprises.