CITGO Announces Extension of Expiration Date for Cash Tender Offers
Nov 7, 2005
HOUSTON --- CITGO Petroleum Corporation today announced that, in connection with its previously announced cash tender offers for any and all of its outstanding 7 7/8 percent Senior Notes due 2006 ("7 7/8 percent Notes") and 6 percent Senior Notes due 2011 ("6 percent Notes" and, together with the 7 7/8 percent Notes, the "Notes") and related consent solicitations, it has extended the expiration date for the tender offers from midnight Eastern Time, Wednesday, Nov. 9, 2005 to 5 p.m. Eastern Time, Thursday, Nov. 10, 2005 (as extended, the "Expiration Date"). CITGO is extending the Expiration Date so that the settlement date for the tender offers will fall on the anticipated closing date of the new senior secured credit agreement CITGO intends to enter into with a syndicate of lenders led by BNP Paribas and JPMorgan Chase Bank, N.A. (the "New Credit Agreement"). Unless the tender offers are further extended or earlier terminated, the total purchase price for each $1,000 principal amount of Notes validly tendered and accepted for purchase by CITGO will be calculated at 2 p.m. Eastern Time, Tuesday, Nov. 8, 2005 (two business days prior to the Expiration Date) and the settlement date for the tender offers will be on or about Nov. 15, 2005.
All other terms and conditions of the tender offers remain unchanged from those set forth in CITGO’s Offer to Purchase and Consent Solicitation Statement, dated Oct. 13, 2005 ("Offer to Purchase") and the related Consent and Letter of Transmittal ("Letter of Transmittal"). Consummation of the tender offers, and payment of the tender offer consideration and consent payment, are subject to the satisfaction or waiver of various conditions, as described in the Offer to Purchase, including the closing of the New Credit Agreement. CITGO has reserved the right to amend, extend or terminate the tender offers at any time.
J.P. Morgan Securities Inc. is the Dealer Manager and Solicitation Agent for the tender offers and consent solicitations and may be contacted at 212-834-3424 (call collect) or 866-834-4666 (toll free). Requests for documents may be directed to Global Bondholder Services Corporation, the Information Agent, at 212-430-3774 (call collect) or 866-470-3700 (toll free).
This announcement is not an offer to purchase or the solicitation of an offer to sell the Notes. The tender offers for the Notes and the related consent solicitations are only being made pursuant to the Offer to Purchase and the Letter of Transmittal.
CITGO, based in Houston, is a refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals, refined waxes, asphalt and other industrial products. The company is owned by PDV America, Inc., an indirect wholly owned subsidiary of Petróleos de Venezuela, S.A., the national oil company of the Bolivarian Republic of Venezuela.
This news release contains forward looking statements. Specifically, all statements pertaining to our margins, net income, liquidity, capital expenditures and available capital resources are forward looking statements. These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the forward looking statements. These risks and uncertainties include developments in Venezuela and third parties’ perceptions and reactions to them; changes in the availability and cost of crude oil, feedstocks, blending components and refined products; changes in prices or demand for CITGO products as a result of competitive actions or economic factors; changes in environmental and other regulatory requirements, which may affect operations, operating costs and capital expenditure requirements; costs and uncertainties associated with technological change and implementation; inflation; and continued access to capital markets and commercial bank financing on favorable terms. Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date of this release. We undertake no obligation to publicly release any revision to these forward looking statements to reflect events or circumstances after the date of this report.