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Debt
 9 Months Ended
Sep. 30, 2025
Debt  
Debt

10.  Debt

Debt consists of the following:

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September 30, 

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December 31, 

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2025

    

2024

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(in millions)

Holding Company:

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6.250% senior notes due 2026

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$

240

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$

719

5.250% senior notes due 2027

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1,384

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1,384

4.375% senior notes due 2029

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​

656

​

​

656

9.750% senior notes due 2029

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​

698

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​

698

10.000% senior notes due 2029

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988

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​

495

9.000% senior notes due 2030

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​

697

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​

747

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4,663

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4,699

Reporting Segments:

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Energy

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1,841

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1,919

Automotive

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22

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31

Food Packaging

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140

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144

Real Estate

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1

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1

Home Fashion

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21

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15

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2,025

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2,110

Total Debt

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$

6,688

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$

6,809

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Holding Company

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Holding Company debt is net of unamortized discounts, premiums, debt issuance costs and notes held in treasury.

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In August 2025, we, together with Icahn Enterprises Finance Corp., issued an additional $500 million in aggregate principal amount of our existing 10.000% senior secured notes due 2029. The net proceeds from the issuance, together with cash on hand, were used to partially redeem $500 million of the outstanding 6.250% senior secured notes due 2026 on September 5, 2025.

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In the nine months ended September 30, 2025, we repurchased in the open market approximately $50 million aggregate principal amount of our 9.000% senior notes due 2030 for total cash paid of $46 million. The repurchased notes were extinguished but were not retired and are held in treasury. As a result of these transactions, we recognized a $3 million gain on extinguishment of debt for the nine months ended September 30, 2025.

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Energy

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In 2025, certain of our Energy segment’s subsidiaries (the “Term Loan Borrowers”) prepaid $90 million in principal amount of the senior secured term loan facility (the “Term Loan”). As a result of these transactions, CVR Energy recognized a $2 million loss on extinguishment of debt for the nine months ended September 30, 2025.

As of September 30, 2025, total availability under CVR Energy’s Amended and Restated ABL Credit Agreement (“CVR Energy ABL”) and CVR Partners’ ABL Credit Agreement (“CVR Partners ABL”) facilities aggregated to $366 million. The CVR Energy ABL had $25 million of letters of credit outstanding as of September 30, 2025. The CVR Energy ABL matures on June 30, 2027, and the CVR Partners ABL matures on September 26, 2028.

Covenants

We and all of our subsidiaries are currently in compliance with all covenants and restrictions as described in the various executed agreements and contracts with respect to each debt instrument. These covenants include limitations on indebtedness, liens, investments, acquisitions, asset sales, dividends and other restricted payments and affiliate and extraordinary transactions.

Non-Cash Charges to Interest Expense

The amortization of deferred financing costs and debt discounts and premiums included in interest expense in the condensed consolidated statements of operations were $(1) million and less than $1 million for the three months ended September 30, 2025 and 2024, respectively, and $3 million and $2 million for the nine months ended September 30, 2025 and 2024, respectively.