March 28 (Reuters) – Citgo Petroleum, the U.S.-based unit of Venezuelan state-run oil firm PDVSA, said on Thursday it raised $1.2 billion through a five-year term loan to cover operating expenses and to refinance existing debt.

Last week, Reuters reported that Citgo was looking to raise $1.8 billion through a three-year term loan.

Citgo said on Thursday a $320 million accounts receivable securitization facility and a $900 million revolver were retired. (Reporting by John Benny in Bengaluru; Editing by Shailesh Kuber)

Source: Read Full Article