CVR files public offering to raise $200 M

Sugar Land, Texas-CVR Partners LP said Dec. 20 that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission in connection with a proposed initial public offering of its common units representing limited partner interests. The move would raise approximately $200 million. CVR Energy Inc. announced back in November that it again planned to spin off the nitrogen unit as an IPO (GM Nov. 8, 2010). Another attempt was pulled in 2008 (GM June 23, 2008). CVR Partners intends to list its common units on the New York Stock Exchange under the symbol “UAN.” The number of common units to be offered and the price range for the offering have not yet been determined. All of the common units to be sold in this offering (including the common units that may be sold to satisfy the underwriters’ over-allotment option) will be sold by CVR Partners. Morgan Stanley and Barclays Capital will act as joint book-running managers for the proposed offering. The offering will be made only by means of a prospectus. Located in Coffeyville, Kansas, CVR Partners LP is a Delaware limited partnership focused primarily on the manufacture of nitrogen fertilizers. The CVR nitrogen fertilizer manufacturing facility is the only operation in North America that uses a petroleum coke gasification process to produce nitrogen fertilizer and includes a 1,225 st/d ammonia unit, a 2,025 st/d UAN unit, and a dual-train gasifier complex having a capacity of 84 million standard cubic feet per day of hydrogen.