(Citgo, 14.Sep.2023) — Citgo Petroleum Corporation has priced $1.10bn aggregate principal amount of 8.375% senior secured notes due 2029 in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended. The closing of the offering is expected to occur on 20 September 2023, subject to customary closing conditions.
Citgo intends to use the total net proceeds from the sale 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 intends to pay a dividend to Citgo Holding, Inc. of approximately $1.120bn to fund the pending redemption of the $1.286bn aggregate principal amount of Citgo Holding’s 9.25% senior secured notes due 2024. The redemption of the Citgo Holding notes is contingent upon the consummation of the notes offering.
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