Economics
Citgo Eyes $1.2 Billion Term Loan Amid Fight for Refiner
- Houlihan Lokey is marketing the refiner’s new term loan B
- Deal will replace revolver, accounts receivable facility
Photographer: Paul Smith/Bloomberg
This article is for subscribers only.
Citgo Petroleum Corp. is looking to get a $1.2 billion loan to fund its daily operations as U.S. sanctions cripple its parent company, state oil giant Petroleos de Venezuela SA.
The Houston-based refiner hired Houlihan Lokey to find lenders to help it refinance bank credit lines maturing this year, a slide deck seen by Bloomberg shows. The deal launched this week and is expected to close on March 22, according to the presentation, which was given to investors by Curtis Rowe, Citgo’s vice president of finance.