Citgo wraps $1.2 billion incremental term loan at Libor plus 500 bps

By Sara Rosenberg

New York, March 28 – Citgo Petroleum Corp. finalized pricing on its $1.2 billion incremental first-lien term loan due March 2024 at Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

By comparison, when the loan first came to market early this month, it was talked at Libor plus 450 bps to 550 bps talk with a 0% Libor floor and a discount of 99.

The term loan still has 101 soft call protection for six months.

Jefferies LLC and Houlihan Lokey are the lead arrangers and bookrunners on the deal, with Jefferies the left lead. Jefferies Capital Services LLC is the administrative agent.

Proceeds will be used to finance working capital needs, fund restricted payments to the extent permitted by the credit documentation, and for other general corporate purposes, and to pay fees, expenses and premiums owing in connection with the loan.

Closing was expected on Thursday, the source added.

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.