Valero Energy Corporation Announces the Redemption of its 2.700% Senior Notes due 2023
November 29 2021 - 4:45PM
Business Wire
Valero Energy Corporation (NYSE: VLO; “Valero”) announced today
that it has called for redemption the entire outstanding principal
amount of its 2.700% Senior Notes due 2023 (the “Notes”). The Notes
were previously subject to an “any and all” tender offer by Valero,
which is expected to settle tomorrow. According to information
provided by the tender and information agent for the “any and all”
tender offer, $594,520,000 aggregate principal amount of the Notes
were validly tendered in the “any and all” tender offer (excluding
$202,000 aggregate principal amount of the Notes tendered pursuant
to guaranteed delivery procedures, which remain subject to the
holders’ performance of the delivery requirements under such
procedures). The redemption announced today will apply to all of
the Notes that remain outstanding following the settlement of the
“any and all” tender offer. The redemption date for the Notes is
December 29, 2021. The aggregate principal amount of the Notes
outstanding, before giving effect to the settlement of the “any and
all” tender offer, is $850 million. The redemption price will be
equal to the greater of (i) 100% of the principal amount of the
Notes or (ii) the sum of the present values of the remaining
scheduled payments of principal and interest thereon (not including
any portion of such payments of interest accrued as of the date of
redemption) discounted to the redemption date on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months)
at the Adjusted Treasury Rate (as defined in the Notes), plus 40
basis points, as calculated by an Independent Investment Banker (as
defined in the Notes), plus accrued and unpaid interest thereon to,
but not including, the redemption date.
A notice of redemption is being sent to all currently registered
holders of the Notes by the Trustee, U.S. Bank National
Association.
This press release is not an offer to sell or a solicitation of
an offer to buy any securities.
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. Please visit www.investorvalero.com for more
information.
Safe-Harbor Statement
Statements contained in this press release that state Valero’s
or its management’s expectations or predictions of the future are
forward-looking statements intended to be covered by the safe
harbor provisions of the Securities Act of 1933 and the Securities
Exchange Act of 1934. The words “anticipate,” “believe,” “expect,”
“plan,” “intend,” “scheduled,” “estimate,” “project,” “projection,”
“predict,” “budget,” “forecast,” “goal,” “guidance,” “target,”
“could,” “would,” “should,” “may,” “strive,” “seek,” “potential,”
“opportunity,” “aimed,” “considering,” “continue,” and similar
expressions identify forward-looking statements. Forward-looking
statements in this press release include the expected timing and
terms of redemption of the Notes. It is important to note that
actual results could differ materially from those projected in such
forward-looking statements based on numerous factors, including
those outside of Valero’s control, such as legislative or political
changes or developments, market dynamics, cyberattacks, weather
events, and other matters affecting our operations or the demand
for our products. These factors also include, but are not limited
to, the uncertainties that remain with respect to the COVID-19
pandemic, variants of the virus, governmental and societal
responses thereto, including requirements and mandates with respect
to vaccines, vaccine distribution and administration levels, and
the adverse effects the foregoing may have on our business or
economic conditions generally. For more information concerning
these and other factors that could cause actual results to differ
from those expressed or forecasted, see Valero’s annual report on
Form 10-K, quarterly reports on Form 10-Q, and other reports filed
with the Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20211129005735/en/
Valero Contacts 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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