Core Viewpoint - CVR Energy is strengthening its liquidity through a proposed $325 million senior secured term loan B, primarily for capital expenditures, including a significant turnaround at the Coffeyville refinery in 2025 [1][3] Financing and Capital Expenditures - The term loan B will be issued at 99% of face value and will bear interest at SOFR plus 4.0%, with closing expected by year-end 2024 [1] - The proceeds from the loan are intended for capital expenditures, particularly for the Coffeyville refinery turnaround, which is projected to cost between $170 million and $190 million [4] - The company is also negotiating the potential sale of midstream assets, with expected proceeds under $100 million, aimed at enhancing liquidity [1][3] Management and Employment Agreements - CVR Energy has entered into a new employment agreement with Dave Lamp, effective January 1, 2025, which will extend until December 31, 2026 [2] - This agreement follows the expiration of his current contract and is part of the company's strategy to maintain leadership stability during upcoming operational changes [2][3] 2025 Capital Expenditure Outlook - The capital expenditure outlook for 2025 includes $70 million for the Petroleum segment, $35 million for Nitrogen Fertilizer, and $3 million for other projects, totaling $108 million [4] - The Petroleum segment's capital expenditures focus on maintaining safe operations and completing ongoing projects, including the elimination of hydrofluoric acid from the Wynnewood refinery [4][5]
CVR Energy Announces Pricing of Proposed Senior Secured Term Loan B Facility, 2025 Capital Expenditure Outlook, New Employment Agreement with Dave Lamp