Davis Polk advised the representative of the initial purchasers on a Rule 144A/Regulation S offering by CVR Partners, LP and CVR Nitrogen Finance Corporation of $645 million aggregate principal amount of their 9.25% senior secured notes due 2023. Concurrently, Davis Polk advised the dealer manager on a tender offer by CVR Partners’ recently acquired subsidiary, CVR Nitrogen, LP (f/k/a Rentech Nitrogen Partners, L.P), for its outstanding 6.500% second-lien senior secured notes due 2021 and related consent solicitation. Proceeds of the new notes offering were used to repay an outstanding credit facility, fund the tender offer and pay related fees and expenses.

 

Headquartered in Sugar Land, Texas, with manufacturing facilities located in Coffeyville, Kansas, and East Dubuque, Illinois, CVR Partners is a leading North American producer and distributer of nitrogen fertilizers.

 

The Davis Polk capital markets team included partner Richard D. Truesdell Jr., counsel Jeffrey S. Ramsay and associates Christopher M. Bezeg and Cameron C. Lewis. The Davis Polk credit team included partner Jason Kyrwood and associate Daniel J. Amato. Partner Po Sit and associate Koonho Cho provided tax advice. The environmental team included counsel Loyti Cheng and associate Michael Comstock. All members of the Davis Polk team are based in the New York office.

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