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Citgo to use new senior secured notes to redeem 9¼% notes due 2024
Chicago, Sept. 13 – Citgo Holding, Inc. will be redeeming $1.286 billion principal amount of 9¼% senior secured notes due 2024, according to a press release.
Financing for the redemption is coming from a new offering of senior secured notes with Citgo Petroleum Corp. as the issuer.
Citgo Petroleum will be paying Citgo Holding a dividend of $1.12 billion to fund the redemption.
Citgo recently conducted an undersubscribed tender offer for the notes.
The company had issued a conditional notice of redemption for the notes based on the satisfaction of a financing condition.
The company said when the conditional notice of redemption was issued that it would pay par plus interest.
The tender offer for the notes also had a par purchase price and interest to the Sept. 15 settlement date.
The conditional redemption date had been tentatively set for Sept. 20.
Citgo Holding is the direct parent of Citgo Petroleum and a wholly owned subsidiary of PDV Holding, Inc., an indirect wholly owned subsidiary of Petroleos de Venezuela, SA.
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