CITGO Petroleum Corporation Completes $1.10 Billion Senior Secured Notes Offering
09.21.2023 By Tank Terminals - NEWS

September 21, 2023 [Benzinga]- CITGO Petroleum Corporation (“CITGO”) confirmed today it has completed its previously announced private offering of $1.10 billion aggregate principal amount of 8.375% senior secured notes due 2029 (the “notes”).

 

The offering generated net proceeds of approximately $1.090 billion, after deducting the initial purchasers’ discounts and estimated offering expenses. CITGO intends to use the net proceeds from the offering of the notes for general corporate purposes and to pay all fees and expenses in connection with the sale of the notes. In addition, CITGO paid a dividend to CITGO Holding, Inc. (“CITGO Holding”) of approximately $1.120 billion to fund the redemption of the $1.286 billion aggregate principal amount of CITGO Holding’s 9.25% senior secured notes due 2024.

 

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