CVR Energy Proposes $750 Million Share Offering to Help Fund Refinery Deal
Photo: TokenPost
CVR Energy proposed a $750 million stock offering Tuesday to help finance its planned purchase of two Marathon Petroleum refineries and related assets for about $4.2 billion, plus net working capital. The offering includes $500 million in new CVR common shares and $250 million in existing shares sold by IEP Energy Holding LLC, an indirect Icahn Enterprises subsidiary. CVR will receive no proceeds from IEP’s sale. Underwriters may buy up to another $112.5 million in shares from IEP during a 30-day option period.
Source: TokenPost
