Valero Energy Corporation Announces Pricing of Notes Offering
November 18 2021 - 6:16PM
Business Wire
Valero Energy Corporation (NYSE: VLO, “Valero”) announced today
that it has priced a public offering of $500,000,000 aggregate
principal amount of 2.800% Senior Notes due 2031 and $950,000,000
aggregate principal amount of 3.650% Senior Notes due 2051.
The offering is expected to close on November 29, 2021, subject
to customary closing conditions. Valero intends to use the net
proceeds from the offering and $750.0 million of cash on hand to
finance its cash tender offers (the “Tender Offers”) to repurchase
its 2.700% Senior Notes due 2023 (the “Any and All Notes”) and its
1.200% Senior Notes due 2024, 3.650% Senior Notes due 2025, 2.850%
Senior Notes due 2025, 10.500% Senior Notes due 2039, 8.750% Senior
Notes due 2030, 7.500% Senior Notes due 2032 and 6.625% Senior
Notes due 2037 and the 4.375% Senior Notes due 2026 issued by
Valero Energy Partners LP and guaranteed by Valero (collectively,
the “Maximum Tender Offer Notes” and together with the Any and All
Notes, the “Existing Notes”). In the event that there are any net
proceeds from this offering that are not used to finance the Tender
Offers, Valero anticipates using such net proceeds for general
corporate purposes. To the extent that less than all of the
outstanding Any and All Notes are tendered and accepted for
purchase, Valero currently intends (but is not obligated) to redeem
all of the Any and All Notes that remain outstanding following the
consummation of the Tender Offers.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC,
Mizuho Securities USA LLC and SMBC Nikko Securities America, Inc.
acted as joint book-running managers for the notes.
Copies of the prospectus supplement and accompanying base
prospectus relating to the offering may be obtained from Citigroup
Global Markets Inc. toll-free at 1 (800) 831-9146, J.P. Morgan
Securities LLC collect at 1 (212) 834-4533, Mizuho Securities USA
LLC at 1 (866) 271-7403 or SMBC Nikko Securities America, Inc. at 1
(888) 868-6856 and online at www.sec.gov.
About Valero
Valero Energy Corporation, through its subsidiaries
(collectively, “Valero”), is an international manufacturer and
marketer of transportation fuels and petrochemical products. Valero
is a Fortune 500 company based in San Antonio, Texas, and owns 15
petroleum refineries with a combined throughput capacity of
approximately 3.2 million barrels per day and 12 ethanol plants
with a combined production capacity of approximately 1.6 billion
gallons per year. The petroleum refineries are located in the
United States (U.S.), Canada and the United Kingdom (U.K.), and the
ethanol plants are located in the Mid-Continent region of the U.S.
Valero is also a joint venture partner in Diamond Green Diesel,
which owns and operates a renewable diesel plant in Norco,
Louisiana. Diamond Green Diesel owns North America’s largest
biomass-based diesel plant. Valero sells its products in the
wholesale rack or bulk markets in the U.S., Canada, the U.K.,
Ireland and Latin America. Approximately 7,000 outlets carry
Valero’s brand names.
The notes were offered and will be sold pursuant to an effective
shelf registration statement on Form S-3 previously filed with the
Securities and Exchange Commission, and only by means of a
prospectus supplement and accompanying base prospectus. This news
release does not constitute an offer to sell or a solicitation of
an offer to buy the securities described herein, nor shall there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
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version on businesswire.com: https://www.businesswire.com/news/home/20211118006402/en/
Investors: Homer Bhullar, Vice President – Investor Relations
and Finance, 210-345-1982 Eric Herbort, Senior Manager – Investor
Relations, 210-345-3331 Gautam Srivastava, Senior Manager –
Investor Relations, 210-345-3992
Media: Lillian Riojas, Executive Director – Media Relations and
Communications, 210-345-5002
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