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CORRECTED-Citgo upsizes PDVSA dividend financing to US$2.8bn
February 9, 2015 / 8:37 PM / 3 years ago

CORRECTED-Citgo upsizes PDVSA dividend financing to US$2.8bn

(Corrects size of Citgo bond to US$1.5bn in graf 2)

By Natalie Harrison

NEW YORK, Feb 9 (IFR) - Venezuela’s U.S. oil refiner Citgo Holding is expected to increase the size of a financing package aimed at distributing a dividend to state-owned company PDVSA by US$300m, according to a person familiar with the deal.

The company has upsized the 3.5-year loan portion of the financing to US$1.3bn from US$1bn, while keeping the five-year bond tranche unchanged at US$1.5bn.

Pricing terms for the financing remain unchanged from Friday, when the company was forced to restructure the terms of the sale and increase the yield on offer to entice investors.

Deutsche Bank is sole bookrunner on the financing package, while Brazilian investment bank BTG Pactual is joint lead manager on the bond issue. (Reporting by Davide Scigliuzzo; Editing by)

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