CVR Prices $750M Common Stock Offering at $55.92 to Fund $4.2B Marathon Refinery Deal
CVI has more than doubled off its 52-week low of $19.62.
Summary
CVR priced a $750 million common stock offering — $500 million primary and $250 million from IEP Energy Holding — at $55.92 a share, funding part of its $4.2 billion Marathon refinery acquisition. The raise is not contingent on that deal closing.
Key Events · Financing and Capital Events · CVI
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$750M Common Stock Offering Priced
CVR is selling $500 million of new common stock and IEP Energy Holding is selling $250 million of existing shares, with a $112,500,000 greenshoe from the selling stockholder.
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Priced At Market, No Discount
The offering is priced off the $55.92 last reported NYSE sale on November 2, 2026 — at market rather than at a discount, indicating solid demand for the paper.
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Dilution From Primary Shares
Post-offering shares outstanding are 109,471,944 versus 100,530,599 outstanding as of October 30, 2026 — roughly 8.9% more shares from the primary issuance alone (109,471,944 - 100,530,599 = 8,941,345).
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Funds $4.2B Refinery Acquisition
Proceeds go toward the $4.2 billion cash purchase of Marathon's St. Paul Park and Mandan refineries, alongside a $2.5 billion bridge facility, $800 million of Trafigura convertible preferred and up to $500 million of IEP preferred.
Analysis · CVI · Energy & Transportation
CVR is selling $500 million of new stock and controlling holder IEP Energy Holding is selling $250 million of existing shares, all priced off the $55.92 last sale on November 2 — essentially at market, with no discount demanded by buyers. The primary half is the equity piece of the $4.2 billion Marathon refinery purchase, alongside $2.5 billion of bridge debt, $800 million of Trafigura convertible preferred and up to $500 million from IEP. Because the offering is not conditioned on the acquisition closing, shareholders take the dilution either way: if the deal breaks, the cash sits as general corporate purposes. The IEP backstop also disappears — its $500 million preferred commitment terminates once this offering clears $500 million of gross proceeds.
How filings like this one have moved
In the 30 days to Nov 3, 2026, 40.9% of the 1143 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.37%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CVI was trading at $54.49 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $5.6B. The 52-week trading range was $19.62 to $63.51. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.