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CVR Refining prices upsized deal at $25, midpoint of the range

By: Renaissance Capital
Posted: 1/16/2013 5:55:00 PM
Referenced Stocks: CVI;CVRR

CVR Refining, LP, a limited partnership with petroleum refining operations in Kansas and Oklahoma, raised $600 million by offering 24 million shares at $25, the midpoint of the $24-$26 range. The company had originally planned to sell 20 million shares before upsizing the deal by 20%. The company now commands a market cap of $3.8 billion. Carl Icahn's Icahn Enterprises, which owns a majority stake in parent CVR Energy ( CVI ), indicated an interest in purchasing 4 million of the IPO shares. CVR Refining, LP plans to list on the NYSE under the symbol CVRR. Credit Suisse, Citi, Barclays, UBS and Jefferies acted as bookrunners on the deal.