Citgo Petroleum launches $1.2 billion loan at Libor plus 450-550 bps

By Sara Rosenberg

New York, March 5 – Citgo Petroleum held a lender call on Tuesday to launch a $1.2 billion incremental term loan due March 2024 that is talked at Libor plus 450 basis points to 550 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

The incremental term loan has 101 soft call protection for six months, the source said.

Houlihan Lokey is the lead on the deal.

Commitments are due on March 15, the source added.

Proceeds will be used to add cash to the balance sheet and for general corporate purposes.

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

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