When you visit your local CITGO to fill-up with gas, grab a snack, a hot cup of coffee, some groceries, and your breakfast, lunch or dinner, you're walking into a locally owned and operated business.
HOUSTON – April 24, 2019 - CITGO confirmed today that its recent refinancing transaction was carried out in compliance with all applicable U.S. laws, including U.S. Government sanctions.
As part of this transaction, the new $1.2 Billion Term Loan B issued on March 28, 2019 replaced $1.2 Billion in lines of credit scheduled to expire in May and July 2019.
Following corporate financial best practices, this refinancing operation was marketed through an open and competitive process. It was significantly oversubscribed with approximately 35 financial institutions participating, which is a clear reflection of the underlying confidence in CITGO under the leadership of a new Board of Directors appointed under the new administration of interim President Juan Guaido.
One of the priorities for the new Board of Directors is to strengthen the financial position of CITGO. This was demonstrated when all three rating agencies reaffirmed CITGO ratings after the recent refinancing. This is further proof that CITGO is fundamentally strong both financially and operationally.
Headquartered in Houston, Texas, CITGO Petroleum Corporation is a recognized leader in the refining industry with a well-known brand. CITGO operates three refineries located in Corpus Christi, Texas; Lake Charles, La.; and Lemont, Ill., and wholly and/or jointly owns 45 terminals, nine pipelines and three lubricants blending and packaging plants. With approximately 3,500 employees and a combined crude capacity of approximately 749,000 barrels-per-day (bpd), CITGO is ranked as the fifth-largest, and one of the most complex independent refiners in the United States. CITGO transports and markets transportation fuels, lubricants, petrochemicals and other industrial products and supplies a network of approximately 4,900 locally owned and operated branded retail outlets in 30 states and the District of Columbia. CITGO Petroleum Corporation is owned by CITGO Holding, Inc. For more information, visit www.CITGO.com.