By Paul A. Harris
Portland, Ore., June 8 – CVR Partners, LP and CVR Nitrogen Finance Corp. priced a $550 million issue of seven-year senior secured notes (B2/B) at par to yield 6 1/8% in a Tuesday drive-by, according to market sources.
The yield printed 12.5 basis points tighter than the 6¼% to 6½% yield talk. Initial guidance was in the mid-6% area.
Jefferies LLC ran the books.
The Sugar Land, Tex.-based manufacturer of nitrogen fertilizers plans to use the proceeds to partially redeem its 9¼% senior secured notes due 2023.
| Issuers: | CVR Partners, LP and CVR Nitrogen Finance Corp.
|
| Amount: | $550 million
|
| Maturity: | June 15, 2028
|
| Securities: | Senior secured notes
|
| Bookrunner: | Jefferies LLC
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| Coupon: | 6 1/8%
|
| Price: | Par
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| Yield: | 6 1/8%
|
| Call protection: | Three years
|
| Trade date: | June 8
|
| Settlement date: | June 23
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¼% to 6½%
|
| Marketing: | Drive-by
|
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