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CITGO Corporation Refinances Debt
CITGO Logo (PRNewsfoto/CITGO Corporation)
HOUSTON, Feb. 11, 2021 /PRNewswire/ CITGO Petroleum Corporation (the “Company”) confirmed today it has completed its previously announced private offering of $650 million aggregate principal amount of 6.375% senior secured notes due 2026 (the “notes”). The transaction was significantly oversubscribed, with participation from a broad and diverse group of investors.
“We proactively accelerated this refinancing to take advantage of favorable market conditions,” said President and CEO Carlos Jordá, “which yielded beneficial pricing on an extended maturity. These results, combined with the excellent investor participation, prove once again that our underlying financial and operational strategies are sound and investor confidence in CITGO remains high.”
CITGO Petroleum Corporation Prices $650 Million Senior Secured Notes
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HOUSTON, Feb. 3, 2021 /PRNewswire/ CITGO Petroleum Corporation (the Company ) has priced $650 million aggregate principal amount of 6.375% senior secured notes due 2026 in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the Securities Act ). The closing of the offering is expected to occur on Feb. 11, 2021, subject to customary closing conditions.
The Company intends to use the total net proceeds from the sale of the notes, together with cash on hand, to redeem all $650 million of its 6.25% senior secured notes due 2022 (the 2022 notes ). The redemption of the 2022 notes is contingent upon the consummation of the notes offering.