Shearman & Sterling represented CVR Partners and its wholly owned subsidiary, CVR Nitrogen Finance, in connection with their private placement offering of $550 million aggregate principal amount of 6.125 percent Senior Secured Notes due 2028. The notes are secured by a first-priority lien on substantially all of the CVR Partners, LP’s and its subsidiaries’ assets (other than certain ABL priority collateral, in which the notes have a second-priority lien).
Headquartered in Sugar Land, Texas, CVR Partners is a publicly traded Delaware limited partnership focused on the production, marketing and distribution of nitrogen fertilizer products. It primarily produces urea ammonium nitrate (UAN) and ammonia, which are predominantly used by farmers to improve the yield and quality of their crops. CVR Partners’ Coffeyville, Kansas, nitrogen fertilizer manufacturing facility includes a 1,300 ton-per-day ammonia unit, a 3,000 ton-per-day UAN unit and a dual-train gasifier complex having a capacity of 89 million standard cubic feet per day of hydrogen. CVR Partners’ East Dubuque, Illinois, nitrogen fertilizer manufacturing facility includes a 1,075 ton-per-day ammonia unit and a 1,100 ton-per-day UAN unit.