CVR Refining units up 2 pct in trading debut

By: From Wire Reports
By: From Wire Reports

NEW YORK (AP) - CVR Refining LP's units are up about 2 percent in their first hours of trading.

The company sold 24 million units for $25 each, the midpoint of an expected range of $24 to $26, raising gross proceeds of $600 million.

It also granted the underwriters an option to buy up to 3.6 million additional units.

In midday trading they changed hands at $25.52 while the broader markets also rose.

After the initial public offering closes, CVR Energy Inc. will own nearly 84 percent of CVR Refining's common units, or about 81 percent if the underwriters fully exercise their option.

The Sugar Land, Texas-based limited partnership owns and operates petroleum refining and auxiliary businesses.

The units are listed on the New York Stock Exchange under the symbol "CVRR."

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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