Citgo to use proceeds from $1.37 billion secured notes to help refinance 10¾% notes due 2020

By Paul A. Harris and Sara Rosenberg

Portland, Ore., July 16 – Citgo Holding Inc. intends to use proceeds from a sale of $1.37 billion of senior secured notes as part of a new debt refinancing effort, according to a market source.

The refinancing effort also includes a $500 million senior secured first-lien term loan set to launch at a Wednesday bank meeting via left arranger Jefferies LLC.

Proceeds from the term loan and secured notes, along with cash on hand, will be used to redeem all of the company’s $1.87 billion 10¾% senior secured notes due 2020.

Citgo is a Houston-based owner and operator of three large-scale, highly complex refineries.

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