CITGO Proposes $750mn Private Offering

(Citgo, 2.Jun.2020) — Citgo Petroleum Corporation has commenced a private offering exempt from the registration requirements of the Securities Act of 1933, as amended, of $750 million aggregate principal amount of senior secured notes due 2025.

The notes offering is subject to market and other conditions, and there is no assurance that the offering will be completed or, if completed, as to the terms on which it will be completed.

Citgo intends to use the net proceeds from the sale of the notes to repay all $614 million outstanding under the company’s term loan B due 2021 and accrued and unpaid interest under the term loan B due 2021, pay all fees and expenses in connection with the offering, and for working capital and general corporate purposes.

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