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Citgo offers to buy up to $406.65 million of 9¼% notes due 2024
By Marisa Wong
Los Angeles, March 13 – Citgo Holding, Inc. announced an excess cash flow offer to purchase for cash an aggregate principal amount of up to $406,645,000 of its 9¼% senior secured notes due 2024, according to a press release.
Citgo is offering to purchase the notes at par of $1,000 plus accrued interest to but excluding the settlement date.
The offer will expire at 5 p.m. ET on April 10.
The settlement date is expected to be the fourth business day following the expiration time.
If the aggregate principal amount of notes tendered in the offer exceeds the offer cap, the company will purchase notes on a pro rata basis.
The company noted that the excess cash flow offer amount is equal to 50% of the excess cash flow of the company and some of its subsidiaries for the excess cash flow annual period minus the quarterly available excess cash flows for the quarters ended March 31, 2022, June 30, 2022 and Sept. 30.
TMI Trust Co. is the paying agent for the offer.
Issuer Citgo Holding is the direct parent of Citgo Petroleum Corp. and also a wholly owned subsidiary of PDV Holding, Inc., which is an indirect wholly owned subsidiary of Petroleos de Venezuela, SA, a Venezuelan corporation 100% owned and controlled by the government of Venezuela.
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