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Report: Citgo Petroleum seeks to raise $1.8B for expenses, refinancing

Texas-based refiner CITGO Petroleum Corp. plans to raise $1.8 billion under a three-year term loan for operating expenses and to refinance existing debt that will expire in July, Reuters reported March 21.

The planned refinancing will not cover bonds.

Citgo initially sought to raise $1.2 billion but hiked the amount by $600 million amid many proposals.

The company is expected to settle over $200 million in accounts receivable that had been converted into debt.

Citgo is slated to issue an announcement on the refinancing results by the end of the month and will make a call to investors.

A source said the company had a total debt of $3.4 billion for the first nine months of 2018 and only $490 million in cash.

Citgo had a net income of about $500 million for the same period, while its revenue reached $23 billion.

The company split from its parent company, Venezuelan state-owned oil company Petróleos de Venezuela SA, due to political unrest in the country.