CVR Energy To Offer $1B Senior Unsecured Notes Due 2031 And 2034

CVR Energy, Inc. (the "Company" or "CVR Energy") (NYSE:CVI) announced today that, subject to market conditions, it intends to offer (the "Offering") for sale in a private placement pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), $1 billion in aggregate principal amount of senior unsecured notes due 2031 (the "2031 Notes") and senior unsecured notes due 2034 (the "2034 Notes" and, together with the 2031 Notes, the "Notes"). The Notes are expected to be jointly and severally guaranteed on a senior unsecured basis by certain of the Company's domestic subsidiaries, including each of the Company's subsidiaries that is a borrower or guarantor under the Company's existing $345 million senior secured asset based revolving credit facility (the "Petroleum ABL").

The Company intends to use the net proceeds from the Offering, together with cash on hand or borrowings under the Petroleum ABL, to (i) repay all of the aggregate principal balance under its senior secured term loan facility (the "Term Loan"), (ii) redeem all of its outstanding 8.500% Senior Notes due 2029 (the "2029 Notes") and (iii) redeem $217 million aggregate principal amount of its outstanding 5.750% Senior Notes due 2028 (the "2028 Notes").