Sugar Land, Texas-CVR Energy Inc. said March 25 that its wholly-owned subsidiaries, Coffeyville Resources LLC and Coffeyville Finance Inc., have priced an offering of $275 million (originally announced at $250 million, GM March 22, p. 12) aggregate principal amount of first lien senior secured notes due 2015, and $225 million (originally announced at $250 million) aggregate principal amount of second lien senior secured notes due 2017. The first lien senior secured notes are being sold at an issue price of 99.511 percent and will bear interest at a rate of 9 percent per year, payable semi-annually. The second lien senior secured notes are being sold at an issue price of 98.811 percent and will bear interest at a rate of 10.875 percent per year, payable semi-annually. CVR intends to use the net proceeds to repay term loan indebtedness outstanding under the first priority credit facility and for general corporate purposes. The sale of the notes is expected to be completed on April 6, 2010.
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