Citgo finalizes $650 million term loan B at Libor plus 350 bps

By Sara Rosenberg

New York, July 23 – Citgo Petroleum Corp. firmed pricing on its $650 million senior secured term loan B (B1//BB+) at Libor plus 350 basis points, the tight end of the Libor plus 350 bps to 375 bps talk, according to a market source.

As before, the loan has a 1% Libor floor, an original issue discount of 99, 101 soft call protection for one year and a maximum debt to capitalization covenant.

Deutsche Bank Securities Inc., ABN Amro Inc., BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Mizuho Securities USA Inc., Natixis and SMBC are the lead banks on the deal, and RBS Securities Inc. is a co-manager.

Proceeds will be used to refinance existing debt and fund a distribution to parent company Petroleos de Venezuela SA.

Other funds for the transaction will come from $650 million of senior secured notes.

Citgo is a Houston-based refiner and marketer of transportation fuels, lubricants, petrochemicals and other industrial products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.