BUZZ - CVR Energy, owned by Icahn, saw its stock price drop due to a $500 million stock sale to support the Marathon Refinery deal

November 4 - ** Shares of CVR Energy (CVI.N), controlled by Carl Icahn, fell 1.9% to $47.69 in premarket trading on Wednesday after the company announced the pricing of a follow-on offering related to an acquisition.

** On Tuesday evening, CVR announced (link) it would issue approximately 10.5 million shares at $47.55 each, raising a total of $500 million.

** The company stated that the offering does not include any shares sold by IEP Energy Holding, the indirect subsidiary of Icahn Enterprises LP IEP.O

** On Tuesday, CVI shares plunged around 13% to close at $48.60. Earlier, the company launched (link) a $750 million fundraising plan, of which $250 million in shares will be sold by IEP Energy, with the proceeds to be used for acquiring two refineries from Marathon Petroleum MPC.N and MPLX LP MPLX.N, and for redeeming its 5.75% notes due 2028.

** If the acquisitions are not completed, CVR plans to use the net proceeds for general corporate purposes.

** Barclays and Jefferies are acting as joint book-running managers for the offering.

** As of Tuesday's close, CVI shares have risen 91% year-to-date.

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