March 21, 2019 / 9:25 PM / a month ago

U.S. refiner Citgo taking offers on $1.8-bln, 3-year loan -sources

March 21 (Reuters) - Citgo Petroleum, the U.S.-based subsidiary of Venezuelan state-run oil firm PDVSA, is seeking to raise $1.8 billion through a three-year term loan to cover operating expenses and to refinance existing debt, three people close to the deal told Reuters on Thursday.

The financing would help Citgo fund operations and replace an existing revolving credit line, following U.S. sanctions and its split from the parent company, which remains under control of Venezuelan President Nicolas Maduro and a military-led management team. (Reporting by Marianna Parraga and David J. French, Editing by Rosalba O’Brien)

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