CITGO Petroleum Corporation announced that it has commenced a private offering exempt from the registration requirements of the Securities Act of 1933, as amended, of $650 million aggregate principal amount of senior secured notes due 2026. The notes offering is subject to market and other conditions, and there is no assurance that the offering will be completed or, if completed, as to the terms on which it will be completed.
The Company intends to use the total net proceeds from the sale of the notes, together with cash on hand, to redeem all $650 million of its 6.25% senior secured notes due Aug. 15, 2022 (the "2022 notes"). The redemption of the 2022 notes is contingent upon the consummation of the notes offering.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes, nor will there be any sale of the notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful. This press release does not constitute a notice of redemption with respect to the 2022 notes. The offer and sale of the notes have not been and will not be registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The notes are being offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and to non-U.S. persons in offshore transactions in compliance with Regulation S under the Securities Act.
About CITGO Petroleum Corporation:
Headquartered in Houston, Texas, CITGO Petroleum Corporation owns and operates three large-scale, highly complex refineries, with a combined crude capacity of approximately 769,000 barrels-per-day, located in Lake Charles, Louisiana; Lemont, Illinois; and Corpus Christi, Texas, has ownership/equity interest in 40 active refined product storage and transfer terminals, and has access to over 120 third-party and related party terminals through exchange, terminaling and similar arrangements.
