Credit Suisse First Boston and Bank of America last Friday launched syndication of a $520 million refinancing credit for Houston-based Lyondell-CITGO Refining. The one-and-a-half-year loan consists of a $450 million term loan and a $70 million working capital facility, with all-in pricing of LIBOR plus 2%. There is also a commitment fee of 50 basis points on the working capital facility. The credit refinances a similar loan completed in September last year with B of A and CSFB, said a banker. Calls to company officials were not returned by press time.
Lyondell-CITGO Refining was created in 1993 as a joint venture between Lyondell Chemical Company and CITGO Petroleum Corporation, a subsidiary of Petróleos de Venezuela. Calls to officials at Lyondell-CITGO were not returned.