Key Developments: CVR Energy Inc (CVI)

CVR Energy Inc Announces Quarterly Cash Dividend Of 75 Cents
Thursday, 2 May 2013 09:15am EDT 

CVR Energy Inc announced a first quarter 2013 cash dividend of 75 cents per share. The dividend, as declared by CVR Energy's Board of Directors, will be paid on May 17, 2013, to stockholders of record on May 10, 2013.  Full Article

CVR Energy Inc Declares $5.50 Special Dividend And Announces Adoption Of Quarterly Dividend Policy
Thursday, 24 Jan 2013 08:01am EST 

CVR Energy Inc announced that the Board of Directors has adopted a quarterly cash dividend policy. CVR Energy's initial quarterly dividend is expected to be $0.75 per share, or $3.00 per share on an annualized basis, which the Company plans to begin paying in the second quarter of 2013. In addition, utilizing a portion of the Company's cash-on-hand of approximately $725 million, the Board of Directors of CVR Energy has declared a special dividend of $5.50 per share payable on February 19, 2013, to shareholders of record at the close of business on February 5, 2013.  Full Article

CVR Energy Inc Announces Pricing Of $500 Million Of Second Lien Senior Secured Notes
Wednesday, 10 Oct 2012 04:59pm EDT 

CVR Energy Inc announced that its wholly-owned subsidiaries, CVR Refining, LLC and Coffeyville Finance Inc. (the issuers), have priced an offering of $500 million aggregate principal amount of second lien senior secured notes due 2022. The notes are being sold at an issue price of 100% and will bear interest at the rate of 6.500% per year, payable semi-annually. The issuers intend to use the net proceeds from the offering to finance the purchase of the outstanding 9.0% first lien senior secured notes due 2015 (the 2015 notes) issued by Coffeyville Resources, LLC and Coffeyville Finance Inc. pursuant to a tender offer and consent solicitation which commenced on October 9, 2012. If any or all of the 2015 notes are not purchased in the tender offer, the issuers may use a portion of the net proceeds from the offering to finance the redemption, defeasance or discharge of the 2015 notes. This news release does not constitute a notice of redemption or an obligation to issue a notice of redemption. The issuers intend to use any remaining proceeds for general corporate purposes.  Full Article

Carl Icahn Pulls Offer For Rest Of CVR Energy Inc; Names Valero Energy Corp. And Other As Possible Buyers-Reuters
Tuesday, 21 Aug 2012 05:32pm EDT 

Reuters reported that Carl Icahn has withdrawn his $29-per-share offer to buy the remaining shares of CVR Energy Inc that he does not already own. Icahn, who controls about 82% of CVR's outstanding shares, acknowledged in a letter to CVR filed with securities regulators that he had been unwilling to consider paying more than $30 per share as of August 6. Icahn, who got control of CVR through a $30 per share tender offer, earlier tried to find a buyer for CVR, insisting he would not settle for an offer below $35 per share in cash. He had named Valero Energy Corp., Western Refining, Inc., HollyFrontier Corp, Tesoro Corp , and Marathon Petroleum Corporation as possible buyers.  Full Article

CVR Energy Inc Names Susan M. Ball As Chief Financial Officer
Friday, 27 Jul 2012 04:45pm EDT 

CVR Energy Inc announced that Susan M. Ball will become the Companies' chief financial officer (CFO) and treasurer effective August 7, 2012. She replaces Frank A. Pici, who is leaving to pursue other opportunities.  Full Article

CVR Energy Inc Fails To Find Bidders-Reuters
Thursday, 26 Jul 2012 09:42am EDT 

Reuters reported that CVR Energy Inc, majority owned by investor Carl Icahn, did not receive any credible acquisition offers during its 60-day sale process despite contacting more than 30 potential bidders. Icahn, who now owns about 82% of the crude oil refiner after his $30 per-share tender offer secured majority shareholder support. Then a minority shareholder in CVR, he had named larger refiners Valero Energy Corp., Western Refining, Inc., HollyFrontier Corporation, Tesoro Corporation, Marathon Petroleum Corporation and ConocoPhillips as possible buyers.  Full Article

CVR Energy Inc Enters Into Transaction Agreement With Carl Icahn
Thursday, 19 Apr 2012 07:02am EDT 

CVR Energy Inc announced that it has signed a transaction agreement with Carl C. Icahn and certain entities under his control that would permit Mr. Icahn to complete his tender offer for $30 in cash per share plus a contingent cash payment right (CCP), if he obtains a majority of the shares. The agreement also provides important protections for CVR Energy stockholders. The Board initiated negotiations with Mr. Icahn after CVR Energy stockholders recently indicated their support for a near-term transaction at $30 per share plus the CCP. The Board is not recommending that stockholders tender into Mr. Icahn's offer and continues to believe CVR Energy's potential long-term value exceeds $30 per share. But the Board also understands, based on the results of Mr. Icahn's tender offer on April 2, that many of the Company's stockholders may prefer to realize value in the near term and would consider the offer, as revised, an attractive near-term alternative. Accordingly, the Board has decided to permit CVR Energy stockholders to determine whether or not they wish to sell their shares at the price offered by Mr. Icahn.  Full Article

CVR Energy Inc Sends Open Letter To Stockholders To Reject Tender Offer By Carl Icahn.
Wednesday, 28 Mar 2012 08:08am EDT 

CVR Energy Inc announced that they have sent the following open letter from Board of Directors to all of its stockholders recommending that they reject the unsolicited tender offer by entities controlled by Carl Icahn.  Full Article

CVR Energy Inc To Sell Common Units Of CVR Partners LP
Tuesday, 6 Mar 2012 05:07pm EST 

CVR Energy Inc announced that CVR Partners, LP has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission in connection with CVR Energy's previously announced plan to sell a portion of its common units representing limited partner interests of CVR Partners. As previously announced, CVR Energy intends to use the after-tax proceeds of the offering primarily to pay a special dividend to CVR Energy stockholders and also to strengthen CVR Energy's balance sheet. CVR Energy currently owns CVR Partners' general partner and approximately 70% of its common units. Barclays Capital, Deutsche Bank Securities, Goldman, Sachs & Co., Morgan Stanley and UBS Investment Bank will act as joint book-running managers for the proposed offering.  Full Article

CVR Energy Inc's Board Of Directors Unanimously Urges Stockholders To Reject Carl Icahn's Hostile Tender Offer
Thursday, 1 Mar 2012 06:28am EST 

CVR Energy Inc announced that its Board of Directors, in consultation with its independent financial and legal advisors, has unanimously determined that the unsolicited tender offer by entities controlled by Carl Icahn, to acquire all of the outstanding shares of CVR Energy for $30.00 per share in cash (subject to downward adjustment), plus a contingent cash payment right, is inadequate and not in the interests of its stockholders. In reaching its decision, the Board of Directors determined that the offer substantially undervalues the Company and the growth opportunities inherent in its current plan, particularly given track record of delivering value to its stockholders, including producing 65% in total returns for CVR stockholders over the last year. The Icahn offer also contains an extraordinarily long list of conditions that provide Mr. Icahn with maximum flexibility to avoid closing the offer. It also completely fails to protect minority stockholders that choose not to tender into the Icahn offer, makes no provision for the indebtedness that would be triggered if Mr. Icahn prevails in his offer or his announced proxy contest and contains a contingent cash payment right that is unlikely to provide stockholders with any additional value. Accordingly, the Board strongly recommends that CVR Energy shareholders reject the Icahn offer and not tender any shares into the offer.  Full Article

Inland U.S. oil refiners stung by renewable energy credits