Key Developments: CVR Partners LP (UAN.N)
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Latest Key Developments (Source: Significant Developments)
CVR Partners LP Issues Q2 2013 Guidance; Earnings Guidance Below Analysts' Estimates
CVR Partners LP announced that for second quarter of 2013 , the Company expects net sales to be between $85.0 million and $90.0 million, net income to be between $34.7 million and $36.2 million and adjusted EBITDA to be approximately $43.5 million to $44.5 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $87 million, net income of $38 million and EBITDA of $46 million for second quarter of 2013. Full Article
CVR Partners LP Announces Closing Of Secondary Offering Of Common Units By CVR Energy
CVR Partners LP announced that Coffeyville Resources, LLC (the Selling Unitholder), a wholly-owned subsidiary of CVR Energy, Inc., closed an offering of 12,000,000 common units representing limited partner interests (the common units) in the Partnership in a registered public offering at a public offering price of $25.15 per common unit. In connection with the offering, the Selling Unitholder granted the underwriters a 30-day option to purchase up to an additional 1,800,000 common units, which has not yet been exercised. The Partnership has not received and will not receive any of the proceeds from the offering and the number of common units outstanding will remain unchanged. Credit Suisse, Citigroup, BofA Merrill Lynch, Barclays, UBS Investment Bank, Jefferies and J.P. Morgan acted as the joint book-running managers for the offering. RBC Capital Markets acted as a co-manager for the offering. Full Article
CVR Partners LP Announced First Quarter 2013 Distribution
CVR Partners LP announced a first quarter 2013 distribution of $0.61 per common unit that will be paid on May 15, 2013, to unitholders of record on May 8, 2013. Full Article
CVR Partners LP Declares 2013 First Quarter Distribution Of 61 Cents
CVR Partners LP announced that it has declared cash distribution of 61 cents per common unit for the first quarter of 2013. Full Article
CVR Partners LP Declares 2012 Fourth Quarter Distribution Of 19.2 Cents
CVR Partners LP announced that it has declared a cash distribution of 19.2 cents per common unit for the fourth quarter of 2012. The distribution as set by the board of CVR GP, LLC, the general partner of CVR Partners, will be paid February 14, 2013, to unitholders of record on February 7, 2013. Full Article
CVR Partners LP Declares 2012 Third Quarter Distribution Of 49.6 Cents
CVR Partners LP announced that it declared a cash distribution of 49.6 cents per common unit for the third quarter of 2012. The distribution as set by the Board of CVR GP, LLC, the general partner of CVR Partners, will be paid November 14, 2012, to unit holders of record on November 7, 2012. Full Article
CVR Partners LP Announces CFO Change-Form 8-K
CVR Partners LP reported in its Form 8-K that on July 23, 2012, Frank A. Pici, the Chief Financial Officer (CFO) and Treasurer of CVR Energy, Inc. (CVR Energy) and CVR GP, LLC (CVR GP), the general partner of CVR Partners, LP (Partnership) delivered notice of his intent to resign his position with CVR Energy and CVR GP for personal reasons. His resignation will be effective August 7, 2012. In connection with Mr. Pici’s resignation, on July 27, 2012, CVR Energy announced Susan M. Ball has agreed to serve as the new Chief Financial Officer (CFO) and Treasurer of CVR Energy and its subsidiaries, including CVR GP, as of the Effective Date. Full Article
CVR Partners LP Declares 2012 Second Quarter Distribution
CVR Partners LP announced that it declared a cash distribution of $0.60 per common unit for the second quarter of 2012. declared a cash distribution of $0.60 per common unit for the second quarter of 2012. Full Article
CVR Partners LP Declares 2012 First Quarter Distribution
CVR Partners LP declared a cash distribution of $0.523 per common unit for the first quarter of 2012. The distribution as set by the board of CVR GP, LLC, the general partner of CVR Partners, will be paid May 15, 2012, to unit holders of record on May 8, 2012. This will be the fourth cash distribution paid by the partnership since its IPO in April 2011, and will result in cumulative cash distributions paid of $2.09 per common unit. This exceeds the Company's previous distribution guidance range of $2.00 to $2.05 per common unit for the 12 months ended March 31, 2012, and represents a 9% increase over its original distribution guidance of $1.92 per common unit for the same period. Full Article
CVR Energy Inc To Sell Common Units Of CVR Partners LP
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

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