CVR Snags Gary-Williams, Refinery For $625M

Law360, New York (November 2, 2011, 8:06 PM EDT) -- CVR Energy Inc. will acquire Denver-based Gary-Williams Energy Corp., its Oklahoma oil refinery and other assets for $525 million and working capital estimated at about $100 million, the Texas-based company announced Wednesday.

CVR will fund the acquisition of the 70,000-barrel-per-day Wynnewood, Okla., refinery with cash and about $250 million of additional debt financing, the company said.

Currently, CVR runs subsidiaries and affiliates that operate a 115,000-barrel-per-day refinery in Coffeyville, Kan.

"The acquisition of these high-quality and recently upgraded refinery assets is compelling for CVR ... in...
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