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CVR Energy to get $250 million of new debt for Gary-Williams purchase
By Sara Rosenberg
New York, Nov. 2 - CVR Energy Inc. plans on using about $250 million of additional debt to help fund its acquisition of Gary-Williams Energy Corp., according to a news release.
The purchase price is $525 million, plus working capital currently estimated at $100 million.
Other funds for the transaction will come from cash on hand.
Closing is expected by year end, subject to regulatory approvals.
Barclays Capital was financial advisor to CVR on the acquisition, and Deutsche Bank Securities was financial advisor to Gary-Williams Energy.
CVR is a Sugar Land, Texas-based refiner and marketer of transportation fuels. Gary-Williams Energy is a Denver-based oil and gas company.
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