# CVR Energy Proposes $750 Million Share Offering to Help Fund Refinery Deal By John Kim Canonical URL: https://www.tokenpost.com/news/business/47900 Published: 2026-11-03T18:19:32.000Z Updated: 2026-11-03T18:19:32.000Z Section: Business > The sale combines $500 million in newly issued shares with $250 million in shares sold by an Icahn Enterprises affiliate. CVR will receive no proceeds from the affiliate’s sale. CVR Energy proposed a $750 million stock offering Tuesday to help finance its planned purchase of two Marathon Petroleum refineries and related assets for about $4.2 billion, plus net working capital. The offering includes $500 million in new CVR common shares and $250 million in existing shares sold by IEP Energy Holding LLC, an indirect Icahn Enterprises subsidiary. CVR will receive no proceeds from IEP’s sale. Underwriters may buy up to another $112.5 million in shares from IEP during a 30-day option period. CVR intends to combine its net proceeds with cash on hand and other financing to help fund the [planned acquisition of the refinery assets](), redeem $183 million in outstanding principal on its 5.750% senior notes due 2028, and pay related costs. The preliminary offering terms do not set a share price or specify the number of shares. The sale remains subject to market and other conditions. The assets include the St. Paul Park refinery in Minnesota, which can process 105,000 barrels of crude oil per day, and the Mandan refinery in North Dakota, with capacity of 72,000 barrels per day. The deal also covers a marketing business and pipeline, terminal and logistics assets. The offering and acquisition can proceed separately. If the acquisition does not close, CVR plans to use the offering’s net proceeds for general corporate purposes, and the shares sold would remain outstanding. CVR expects the acquisition to close by the end of 2026, subject to regulatory clearance and other customary conditions. ## Links in this article - [planned acquisition of the refinery assets](https://www.tokenpost.com/news/business/47433)