Sugar Land, Texas-CVR Partners LP said April 13 that it has closed its initial public offering of 22,080,000 common units at a public offering price of $16.00 per common unit, which included the sale of 19,200,000 common units in the base offering and 2,880,000 common units pursuant to the underwriters’ over-allotment option. The common units are listed on the New York Stock Exchange under the symbol UAN. CVR Energy Inc. now indirectly owns approximately 69.8 percent of CVR Partners’ outstanding common units representing lp interests and CVR Partners’ general partner with its non-economic general partner interest. Gross proceeds from the IPO were $353.3 million, of which $135.4 million were paid as a dividend to Coffeyville Resources LLC, which is a wholly-owned subsidiary of CVR Energy. Some $91.4 million of the IPO proceeds will be used to fund a 400,000 st/y UAN expansion (GM April 11, p. 16). The lp units closed Thursday, April 14, on the New York Stock Exchange at $17.00, having traded as high as $18.20 since their introduction April 8.
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