Valero Energy Completes Previously Announced Series of Debt Reduction and Refinancing Transactions
December 29 2021 - 4:10PM
Business Wire
Valero Energy Corporation (NYSE: VLO, “Valero”) announced today
the completion of the previously announced debt reduction and
refinancing transactions that together reduced Valero’s long-term
debt by approximately $700 million. The debt reduction and
refinancing transactions included the issuance of $500 million
aggregate principal amount of 2.800% Senior Notes due 2031 and $950
million aggregate principal amount of 3.650% Senior Notes due 2051
(the “Notes Issuance”) and the use of the proceeds from the Notes
Issuance and cash on hand to repurchase and retire approximately
$2.1 billion aggregate principal amount of various series of
Valero’s senior notes and to redeem all of Valero’s 2.700% Senior
Notes due 2023.
The debt reduction and refinancing transactions, combined with
the redemption of the $575 million aggregate principal amount of
Floating Rate Senior Notes due 2023 in the third quarter,
collectively reduced Valero’s long-term debt by approximately $1.3
billion.
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. 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, the “Risk Factors” section
included in the Offer to Purchase, quarterly reports on Form 10-Q,
and other reports filed with the Securities and Exchange
Commission.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211229005311/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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