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Citgo accepts for purchase $63.23 million tendered 9¼% notes due 2024
By Marisa Wong
Los Angeles, June 12 – Citgo Holding, Inc. announced the final results of its May 11 excess cash flow offer to purchase for cash an aggregate principal amount of up to $472,975,000 of its 9¼% senior secured notes due 2024.
As of the expiration of the offer at 5 p.m. ET on June 9, holders had tendered $63,226,000 of the notes, according to a Monday press release. The company will purchase all of the tendered notes, leaving $1,286,000,000 principal amount outstanding.
Citgo will purchase the tendered notes at par of $1,000 plus accrued interest to but excluding the settlement date.
Payment will be made on June 16.
The excess cash flow offer amount was set equal to 50% of the excess cash flow of the company and some of its subsidiaries for the excess cash flow period as defined in the indenture governing the notes.
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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