CVR Partners, LP (NYSE:UAN) and its fully owned subsidiary, CVR Nitrogen Finance Corporation, declared that they are planning to offer senior secured notes due 2023, worth $625 million in total principal amount, to eligible purchasers based on market conditions.
The company plans to utilize the net proceeds of the notes offering to repay in full and terminate its outstanding credit facility, finance its earlier announced tender offer and pay related fees and expenses. The company plans to offer and sell the securities only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in transactions outside the U.S., pursuant to Regulation S under the Securities Act.
CVR Partners released its first-quarter 2016 results in Apr 2016. The company’s earnings came in at 25 cents per share in the first quarter, down 39% from 41 cents reported a year ago. The bottom line, however, surpassed the Zacks Consensus Estimate of 21 cents.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) were $27.9 million in the reported quarter, down from $38.4 million in the first quarter of 2015.
CVR Partners posted revenues of $73.1 million in the quarter, down around 21.5% year over year. Revenues, however, breezed past the Zacks Consensus Estimate of $56 million.
CVR Partners currently has a Zacks Rank #4 (Sell).
Some better-ranked companies in the basic materials sector include Akzo Nobel N.V. (OTC:AKZOY) , Innospec Inc. (NASDAQ:IOSP) and BASF SE (OTC:BASFY) , all sporting a Zacks Rank #1 (Strong Buy).
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BASF SE (BASFY): Free Stock Analysis Report
AKZO NOBEL NV (AKZOY): Free Stock Analysis Report
INNOSPEC INC (IOSP): Free Stock Analysis Report
CVR PARTNERS LP (UAN): Free Stock Analysis Report
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Zacks Investment Research
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CVR Partners Announces Senior Notes Offering Worth $625M
Published 05/31/2016, 10:47 PM
Updated 07/09/2023, 06:31 AM
CVR Partners Announces Senior Notes Offering Worth $625M
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