A sizable block of units of CVR Partners is on the move. A subsidiary of the company, Coffeyville Resources, is offering 12-million common units of its parent in a secondary public offering priced at $25.15 per unit. Also, the offering's underwriters have been granted a 30-day option to buy up to an additional 1.8 million units from the seller.
In the press release announcing the news, CVR Partners stressed that it will receive no proceeds from the issue, and that the total number of units outstanding will remain unchanged.
The joint book-running managers of the offering are Bank of America unit Merrill Lynch, Citigroup, Barclays, Credit Suisse, Leucadia's Jefferies, UBS, and JPMorgan Chase division J.P. Morgan.
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