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CITGO Petroleum Corporation announced today that it has entered into a new $1.85 billion senior secured credit agreement with a syndicate of lenders led by BNP Paribas and J.P. Morgan Securities Inc., as co-lead arrangers (the "New Credit Agreement"). The New Credit Agreement consists of a five-year $1.15 billion revolving credit facility and a seven-year $700 million term loan facility. Borrowings under the New Credit Agreement are guaranteed by certain of CITGO's subsidiaries and secured by certain accounts receivable and inventory of CITGO and the guarantors, all capital stock in certain of the guarantors, CITGO's Lake Charles, La. refinery and CITGO's equity interest in the entity that holds its Corpus Christi, Texas refinery. The New Credit Agreement replaced CITGO's existing credit agreement, which was due to expire in December.

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