Citgo to pay down revolver borrowings by end of March

New York, March 24 - Citgo Petroleum Corp. said it plans to pay down borrowings outstanding on its revolving credit facility by the end of March.

The Tulsa, Okla. refining and marketing company said it will use the $915 million of cash and cash equivalents it had at Feb. 28 to repay the debt. As of that date it had $285 million of revolver borrowings.

Graphic Packaging draws on revolver for $18 million acquisition

New York, March 24 - Graphic Packaging International Corp. said it drew on its revolving credit facility to finance the purchase of the assets of JD Cahill Co., Inc.

The Golden, Colo. packaging company paid $18 million in cash for the acquisition, which closed on March 6.

Graphic Packaging's revolver is a $275 million facility due 2007. At Dec. 31, 2002 there were no borrowings outstanding. The company also has a $175 million term loan due 2009.

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