You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text.

HOUSTON, Feb. 11, 2021 /PRNewswire/ -- CITGO Petroleum Corporation (the "Company") confirmed today it has completed its previously announced private offering of $650 million aggregate principal amount of 6.375% senior secured notes due 2026 (the "notes"). The transaction was significantly oversubscribed, with participation from a broad and diverse group of investors. "We proactively accelerated this refinancing to take advantage of favorable market conditions," said President and CEO Carlos Jord, "which yielded beneficial pricing on an extended maturity. These results, combined with the excellent investor participation, prove once again that our underlying financial and operational strategies are sound and investor confidence in CITGO remains high." The offering generated net proceeds of approximately $642 million, after deducting the initial purchasers' discounts and estimated offering expenses. The Company intends to use the net proceeds from the offering of the notes, together with cash on hand, to redeem all $650 million of the Company's existing 6.25% senior secured notes due 2022 and to pay all fees and expenses in connection with the offering. About CITGO Petroleum Corporation Headquartered in Houston, Texas, CITGO Petroleum Corporation owns and operates three large-scale, highly complex refineries, with a combined crude capacity of approximately 769,000 barrels-per-day, located in Lake Charles, Louisiana; Lemont, Illinois; and Corpus Christi, Texas, has ownership/equity interest in 40 active refined product storage and transfer terminals, and has access to over 120 third-party and related party terminals through exchange, terminaling and similar arrangements. Forward-Looking Statements Certain information included in this release may be deemed to be "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 under applicable securities and other laws that involve risks and uncertainties. These statements relate to, among other things, expectations regarding the notes offering and the use of proceeds therefrom. These statements also relate to our industry, business strategy, goals and expectations concerning our market position and future operations or performance. We have used the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar terms and phrases to identify forward-looking statements, which speak only as of the date of this release. Any forward-looking statements are not guarantees of future events and are subject to risks and uncertainties that could cause actual events, developments and business decisions to differ materially from those contemplated by these forward-looking statements. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions (including current market conditions), expected future developments and other factors they believe to be appropriate. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate, and the forward-looking statements based on these assumptions could be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or could otherwise materially affect our financial condition, results of operations and cash flows. We caution readers that these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from the results that are projected, expressed or implied. These risks and uncertainties include, among others, risks related the effects of the ongoing COVID-19 pandemic, general economic activity, developments in international and domestic petroleum markets, and refinery turnarounds and operations. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made only as of the date of this release. We disclaim any duty to update any forward-looking statements. SOURCE CITGO Corporation Related Links www.citgo.com

Answer: CITGO Corporation Refinances Debt