CVR Partners, LP has filed to come public via an initial public offering, and it will have the proposed ticker of "CVE" on the NYSE. The prospectus calls for a sale of 5.25 million units, and that is before a 787,500 unit overallotment.
CVR partners is a limited partnership formed by CVR Energy, Inc. to own and operate a nitrogen fertilizer facility and develop a diversified portfolio of assets that are complementary to its business and CVR Energy’s refining business. Its nitrogen fertilizer business produces ammonia and urea ammonia nitrate fertilizers.
This is a spin-off of CVR Energy, Inc. (NYSE: CVI), which it is reliant upon for management and for many key areas of operation. Upon the closing of this offering, CVR Energy will indirectly own approximately 87% of the outstanding units.
The company generated net sales and operating income of $173.5 million and $71.0 million for 2005, $170.0 million and $43 million for 2006, and $187.4 million and $48 million for 2007.
Jon C. Ogg
February 28, 2008