XML 33 R22.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Related Party Transactions
 6 Months Ended
Jun. 30, 2011
Related Party Transactions [Abstract]  
Related Party Transactions
 
(15)   Related Party Transactions
 
Until February 2011, the Goldman Sachs Funds and Kelso Funds owned approximately 40% of CVR. On February 8, 2011, GS and Kelso completed a registered public offering, whereby GS sold into the public market its remaining ownership interest in CVR and Kelso substantially reduced its interest in the Company. On May 26, 2011, Kelso completed a registered public offering in which Kelso sold into the market its remaining ownership interest in CVR. As a result of these sales, the Goldman Sachs Funds and Kelso Funds are no longer stockholders of the Company.
 
Interest Rate Swap
 
On June 30, 2005, the Company entered into three Interest Rate Swap agreements with J. Aron. These swap agreements expired on June 30, 2010. As such, there was no financial statement impact for the three and six months ended June 30, 2011. Net losses totaling $0 and $0 were recognized related to these swap agreements for the three months ended June 30, 2011 and 2010, respectively, and were reflected in gain (loss) on derivatives, net in the Condensed Consolidated Statements of Operations. Net losses totaling $0 and $16,000 were recognized related to these swap agreements for the six months ended June 30, 2011 and 2010, respectively, and were reflected in gain (loss) on derivatives, net in the Condensed Consolidated Statements of Operations. See Note 14 (“Derivative Financial Instruments”) for additional information.
 
Cash and Cash Equivalents
 
The Company holds a portion of its cash balance in a highly liquid money market account with average maturities of less than 90 days within the Goldman Sachs Funds family. As of June 30, 2011 and December 31, 2010, the balance in the account was approximately $161.1 million and $70.1 million, respectively. For the three months ended June 30, 2011 and 2010, the account earned interest income of approximately $4,000 and $2,000, respectively. For the six months ended June 30, 2011 and 2010, the account earned interest income of approximately $9,000 and $2,000, respectively.
 
Financing and Other
 
In March 2010, CRLLC amended its outstanding first priority credit facility. In connection with the amendment, CRLLC paid a subsidiary of GS fees and expenses of approximately $0.9 million for its services as lead bookrunner.
 
For the three and six months ended June 30, 2011, the Company recognized approximately $0.3 and $0.5 million, respectively, in expenses for the benefit of GS and Kelso in accordance with CVR’s Registration Rights Agreement. These amounts included registration and filing fees, printing fees, external accounting fees and external legal fees.
 
In connection with the Offering of the Partnership, an affiliate of GS received an underwriting fee of approximately $5.7 million for its role as a joint book-running manager. In April 2011, CRNF entered into a credit facility as discussed further in Note 12 (“Long-Term Debt”) whereby an affiliate of GS was paid fees and expenses of approximately $2.0 million.