India, Nov. 3 -- On Tuesday, CVR Energy (CVI) announced a $750 million public offering of its common stock.
The company will sell $500 million in shares, while its controlling shareholder's indirect subsidiary, IEP Energy Holding LLC, will sell $250 million.
The selling shareholder may also offer an additional $112.5 million in shares through a 30-day underwriter option. CVR Energy will not receive any proceeds from the shareholder's sale.
The company will use the offering proceeds, along with cash and other financing, to fund the refinery acquisition, redeem its 5.750% Senior Notes due 2028, and cover related costs.
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If the acquisition does not close, ...