Citgo taking offers on 3-year loan

Citgo Petroleum is seeking to raise $1.8 billion through a three-year term loan to cover operating expenses and to refinance existing debt, three people said.

The financing would help Citgo, the U.S.-based subsidiary of Venezuelan state-run oil firm PDVSA, 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)