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Citgo accepts tenders for $13.37 million of 9¼% notes due 2024
By Marisa Wong
Los Angeles, April 11 – Citgo Holding, Inc. announced the final results of its March 13 excess cash flow offer to purchase for cash an aggregate principal amount of up to $406,645,000 of its 9¼% senior secured notes due 2024.
As of the expiration of the offer at 5 p.m. ET on April 10, holders had tendered $13,374,000 of the notes, according to a Tuesday press release.
Citgo will purchase all of the tendered notes at par of $1,000 plus accrued interest to but excluding the settlement date.
After settlement of the accepted notes on April 14, about $1,349,000,000 of the notes will remain outstanding.
As previously announced, the excess cash flow offer amount was set equal to 50% of the excess cash flow of the company and some of its subsidiaries for the excess cash flow annual period minus the quarterly available excess cash flows for the quarters ended March 31, 2022, June 30, 2022 and Sept. 30.
TMI Trust Co. is the paying agent for the offer.
Issuer Citgo Holding is the direct parent of Citgo Petroleum Corp. and also a wholly owned subsidiary of PDV Holding, Inc., which is an indirect wholly owned subsidiary of Petroleos de Venezuela, SA, a Venezuelan corporation 100% owned and controlled by the government of Venezuela.
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