Citgo Petroleum to launch $650 million term loan B on Wednesday

By Sara Rosenberg

New York, July 2 – Citgo Petroleum Corp. will hold a bank meeting at 10:30 a.m. ET in New York on Wednesday to launch a $650 million senior secured term loan B, according to a market source.

Deutsche Bank Securities Inc. is the left bookrunner on the deal.

The loan has a maximum debt to capitalization covenant, the source said.

Proceeds will be used to refinance existing debt and fund a distribution to parent company Petroleos de Venezuela SA.

Citgo is a Houston-based refiner and marketer of transportation fuels, lubricants, petrochemicals and other industrial products.

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