CVR Energy completed $600M 7.500% Senior Notes due 2031 and $400M 7.875% Senior Notes due 2034 issuance under Rule 144A/Reg S, guaranteed by domestic subsidiaries (with exclusions), with semi-annual interest from Aug 2026. Amended ABL Credit Agreement extended maturity to Feb 2031 (subject to triggers), increased commitments to $550M (expandable to $700M), removed LC sublimit cap, and adjusted borrowing base/interest rates.
Key takeaways
$600M 7.500% Senior Notes due Feb 15, 2031 issued Feb 12, 2026 at 7.500% interest payable semi-annually starting Aug 15, 2026
$400M 7.875% Senior Notes due Feb 15, 2034 issued Feb 12, 2026 at 7.875% interest payable semi-annually starting Aug 15, 2026
ABL facility commitments increased from $345M to $550M (expandable to $700M), maturity extended from Jun 2027 to Feb 2031
ABL interest rates: 1.50% + Term SOFR / 0.50% + Base Rate (>50% excess availability); 1.75% + Term SOFR / 0.75% + Base Rate (≤50%)
Notes fully guaranteed by existing domestic subsidiaries excluding Wynnewood Insurance, CVR Aviation, fertilizer entities, and certain GPs
ABL amendment adds $25M restricted payments basket, includes qualified cash/first purchaser reserves in borrowing base