|By PR Newswire||
|August 5, 2014 01:30 PM EDT||
HOUSTON, Aug. 5, 2014 /PRNewswire/ -- CITGO Petroleum Corporation has successfully completed a refinancing of its debt under highly favorable conditions that have enabled the company to reduce interest rate payments and extend its debt maturities to 2019-2022, CITGO President and CEO Nelson Martinez announced today.
"The culmination of this process was possible through a very large team effort and the results speak for themselves," Martinez said. "CITGO is now in a much stronger position to continue to move forward for the benefit of our customers and business partners, our employees and our shareholder," he added.
The refinancing involved a $900 million Senior Secured Revolving Line of Credit maturing in 2019, a $650 million Senior Secured Term Loan Facility maturing in 2021, and $650 million in Senior Secured Notes maturing in 2022.
Under the newly negotiated terms, CITGO will be able to reduce its interest expense by roughly $20 million per year. The company also negotiated improved flexibility in its debt covenants to allow additional financial and operational strength, while still maintaining its existing credit ratings.
As a result of CITGO's strong performance and financial strength, the company's debt offerings were very well received by the market with strong participation by a large number of institutions, resulting in a significant oversubscription.
CITGO, based in Houston, is a refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products. The company is owned by PDV America, Inc., an indirect wholly owned subsidiary of Petroleos de Venezuela, S.A., the national oil company of the Bolivarian Republic of Venezuela. For more information visit www.CITGO.com.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Dec. 27, 2014 05:15 AM EST Reads: 2,181
Dec. 27, 2014 04:00 AM EST Reads: 2,522
Dec. 27, 2014 03:00 AM EST Reads: 1,792
Dec. 27, 2014 03:00 AM EST Reads: 1,785
Dec. 27, 2014 02:00 AM EST Reads: 2,231
Dec. 27, 2014 12:00 AM EST Reads: 2,627
Dec. 26, 2014 04:00 PM EST Reads: 2,246
Dec. 26, 2014 04:00 PM EST Reads: 1,879
Dec. 26, 2014 01:00 PM EST Reads: 2,668
Dec. 26, 2014 01:00 PM EST Reads: 2,090
Dec. 26, 2014 12:30 PM EST Reads: 1,917
Dec. 26, 2014 12:00 PM EST Reads: 1,756
Dec. 26, 2014 11:15 AM EST Reads: 2,418
Dec. 26, 2014 11:00 AM EST Reads: 1,972
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
Dec. 26, 2014 11:00 AM EST Reads: 2,129