Citgo Amends $2.5b Deal to Attract Investors
Photo: Citgo
Venezuela's U.S. oil refiner Citgo Holding has restructured and raised the yield on a proposed $2.5 billion financing package following lacklustre investor demand, a source familiar with the deal said on Friday.
The company plans to use proceeds to pay a dividend to state-owned oil company PDVSA.
The oil company has raised the yield on the $1.5 billion offering to 12 percent area, and pledged 100 percent of the operating company equity as collateral, the source told IFR.
Original price talk was 11.75 percent, which was wide to initial price indications - or whispers - of high 10-11 percent.
(Reporting by Davide Scigliuzzo; Editing by Jack Doran and Natalie Harrison)
