v3.26.1
Long-Term Debt and Finance Lease Obligations
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Long-Term Debt and Finance Lease Obligations
(6) Long-Term Debt and Finance Lease Obligations
Long-term debt and finance lease obligations consisted of the following:
(in millions)June 30, 2026December 31, 2025
CVR Energy:
7.500% Senior Notes, due February 2031
$600 $— 
7.875% Senior Notes, due February 2034
400 — 
8.500% Senior Notes, due January 2029
— 600 
5.750% Senior Notes, due February 2028
183 400 
Finance lease obligations, net of current portion4 2 
Unamortized debt issuance costs(13)(3)
Total CVR Energy debt1,174 999 
Petroleum Segment:
Term loan— 154 
Finance lease obligations, net of current portion28 32 
Unamortized debt discount and debt issuance costs— (3)
Total Petroleum Segment debt
28 183 
Nitrogen Fertilizer Segment:
6.125% Senior Secured Notes, due June 2028
550 550 
Finance lease obligations, net of current portion20 21 
Unamortized debt issuance costs(1)(2)
Total Nitrogen Fertilizer Segment debt
569 569 
Total long-term debt and finance lease obligations, net of current portion1,771 1,751 
Current portion of long-term debt and finance lease obligations12 14 
Total long-term debt and finance lease obligations, including current portion$1,783 $1,765 
Credit Agreements
(in millions)Total Available Borrowing CapacityAmount Borrowed as of June 30, 2026Outstanding Letters of CreditAvailable Capacity as of June 30, 2026Maturity Date
Petroleum Segment
CVR Energy’s Amended and Restated ABL Credit Agreement (“CVR Energy ABL”)$550 $— $10 $540 February 12, 2031
Nitrogen Fertilizer Segment:
CVR Partners’ Credit Agreement (“CVR Partners ABL”)
$50 $— $— $50 September 26, 2028
CVR Energy
2031 Notes and 2034 Notes - On February 12, 2026, CVR Energy completed the issuance of $1 billion aggregate principal amount of notes, consisting of $600 million of 7.500% Senior Notes, due February 2031 (the “2031 Notes”) and $400 million of 7.875% Senior Notes, due February 2034 (the “2034 Notes” and, together with the 2031 Notes, the “Notes”). Interest on the Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2026. The 2031 Notes will mature on February 15, 2031, unless earlier redeemed or purchased. The 2034 Notes will mature on February 15, 2034, unless earlier redeemed or purchased. See Part II, Item 8, Note 8 (“Long-Term Debt and Finance Lease Obligations”) of the 2025 Form 10-K for further details of the Notes.
In connection with the issuance of the Notes, the Company received $993 million of net cash proceeds, net of underwriting fees and other third-party fees and expenses associated with the offering. The debt issuance costs of the Notes totaled approximately $13 million and are being amortized over the terms of the respective notes as interest expense using the effective-interest amortization method.
2029 Notes - On February 13, 2026, CVR Energy redeemed all of its outstanding 8.500% Senior Notes, due January 2029 (the “2029 Notes”), at a redemption price equal to 104.250% of the principal amount, plus accrued and unpaid interest. As a result of this transaction, the Company recognized in Interest expense, net a $28 million loss on extinguishment of debt during the six months ended June 30, 2026, which consisted of the call premium and write-off of unamortized deferred financing costs. See Part II, Item 8, Note 8 (“Long-Term Debt and Finance Lease Obligations”) of the 2025 Form 10-K for further details of the 2029 Notes.
2028 Notes - On February 17, 2026, CVR Energy redeemed $217 million of its outstanding 5.750% Senior Notes, due February 2028 (the “2028 Notes”), at par, plus accrued and unpaid interest. See Part II, Item 8, Note 8 (“Long-Term Debt and Finance Lease Obligations”) of the 2025 Form 10-K for further details of the 2028 Notes.
Petroleum Segment
Term Loan - On February 12, 2026, certain of the Company’s subsidiaries repaid the aggregate principal balance of the senior secured term loan facility (the “Term Loan”) and settled accrued interest. See Part II, Item 8, Note 8 (“Long-Term Debt and Finance Lease Obligations”) of the 2025 Form 10-K for further details of the Term Loan.
CVR Energy ABL - On February 12, 2026, certain subsidiaries of the Company entered into Amendment No. 5 to the Amended and Restated ABL Credit Agreement, dated December 20, 2012, with a group of lenders and Wells Fargo Bank, National Association, as administrative agent and collateral agent, to, among other things, (i) increase the commitments under the facility from $345 million to $550 million, which commitments may be further increased up to $700 million in accordance with the Amended and Restated ABL Credit Agreement, (ii) extend the maturity date of the facility from June 30, 2027 to February 12, 2031, and (iii) make certain amendments to the borrowing base calculation and negative covenants. See Part II, Item 8, Note 8 (“Long-Term Debt and Finance Lease Obligations”) of the 2025 Form 10-K for further details of the CVR Energy ABL.
Covenant Compliance
The Company and its subsidiaries were in compliance with all covenants under their respective debt instruments as of June 30, 2026.