CVR Partners Announces $550 Million Private Placement of Senior Secured Notes Due 2028 and Notice of Conditional Partial Redemption for its 9.250% Senior Secured Notes Due 2023

SUGAR LAND, Texas, June 08, 2021 (GLOBE NEWSWIRE) -- CVR Partners, LP (“CVR Partners”) (NYSE: UAN) announced today that, subject to market conditions, CVR Partners and its wholly owned subsidiary, CVR Nitrogen Finance Corporation (together with CVR Partners, the “Issuers”), intend to offer (the “Offering”) for sale to eligible purchasers in a private placement under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the “Securities Act”), $550 million in aggregate principal amount of senior secured notes due 2028 (the “Notes”). CVR Partners intends to use the proceeds of the Offering to fund a partial redemption of the Issuers’ outstanding 9.250% Senior Secured Notes due 2023 (the “2023 Notes”).

CVR Partners also announced today that the Issuers have delivered a notice of conditional partial redemption for $550 million of the Issuers’ outstanding 2023 Notes at a par redemption price, plus accrued and unpaid interest on the 2023 Notes, to be redeemed on June 23, 2021 (the “Redemption Date”). The Issuers’ obligation to redeem the 2023 Notes is conditioned upon the prior consummation of the Offering on or prior to the Redemption Date, in an aggregate principal amount that results in gross proceeds of at least $550 million. CVR Partners will publicly announce and notify the holders of the 2023 Notes and the Trustee (as defined below) if any of the foregoing conditions are not satisfied, whereupon the partial redemption will be revoked and the 2023 Notes will remain outstanding. As of March 31, 2021, there were outstanding $645 million aggregate principal amount of 2023 Notes. Wilmington Trust, National Association is the trustee (the “Trustee”) for the 2023 Notes and is serving as the paying agent for the partial redemption.

The securities to be offered in the Offering have not been registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. CVR Partners plans to offer and sell the securities only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S under the Securities Act.