New Issue - CITGO Petroleum sells $550 mln 8-yr notes

www.forbes.com Reuters, 02.20.03, 5:50 PM ET

WHITE PLAINS, N.Y., Feb 20 (Reuters) - CITGO Petroleum Corp., U.S.-based unit of Petroleos de Venezuela S.A., sold $550 million of eight-year senior notes in the 144a private placement market, said market sources on Thursday.

Credit Suisse First Boston and J.P. Morgan were the lead managers for the sale, the sources said.

BORROWER: CITGO PETROLEUM CORP. AMT $550 MLN COUPON 11.375 PCT MATURITY 2/1/2011 TYPE SR NOTES ISS PRICE 99.380 FIRST PAY DATE 8/1/2003 LAST MOODY'S Ba3 YIELD 11.50 PCT PAY FREQ SEMI-ANNUAL
LAST S&P B-PLUS SPREAD 794 BPS/ NON-CALLABLE 4 YEARS*

            5.00 FEB 2011

*3-YEAR EQUITY CALL FOR 35 PCT AT 111.375