Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp)
March 26 2018 - 5:23PM
Edgar (US Regulatory)
Filed Pursuant to Rule 433
Registration
No. 333-208052
March 26, 2018
Pricing
Term Sheet
Valero Energy Partners LP
Pricing Term Sheet
$500,000,000 4.500% Senior Notes due 2028
|
|
|
Issuer:
|
|
Valero Energy Partners LP
|
|
|
Ratings:*
|
|
Baa3 (Moodys) /
BBB-
(S&P) /
BBB-
(Fitch)
|
|
|
Pricing Date:
|
|
March 26, 2018
|
|
|
Settlement Date:**
|
|
March 29, 2018 (T+3)
|
|
|
Interest Payment Dates:
|
|
March 15 and September 15, commencing September 15, 2018
|
|
|
Denominations:
|
|
$2,000 x 1,000
|
|
|
Principal Amount:
|
|
$500,000,000
|
|
|
Title:
|
|
4.500% Senior Notes due 2028
|
|
|
Maturity Date:
|
|
March 15, 2028
|
|
|
Benchmark Treasury:
|
|
2.750% due February 15, 2028
|
|
|
Benchmark Treasury Price and Yield:
|
|
99-06+; 2.843%
|
|
|
Spread to Benchmark Treasury:
|
|
T+170 bps
|
|
|
Coupon:
|
|
4.500%
|
|
|
Price to Public:
|
|
99.660%
|
|
|
Yield to Maturity:
|
|
4.543%
|
|
|
Make-Whole Call:
|
|
T+30 bps
|
|
|
Par Call:
|
|
On and after December 15, 2027 (the date that is three months prior to the Maturity Date)
|
|
|
CUSIP/ISIN:
|
|
91914J AB8 / US91914JAB89
|
|
|
Joint Book-Running Managers:
|
|
Barclays Capital Inc.
Credit Suisse Securities
(USA) LLC
Mizuho Securities USA LLC
MUFG Securities Americas
Inc.
Citigroup Global Markets Inc.
Merrill Lynch, Pierce,
Fenner & Smith
Incorporated
SMBC Nikko Securities America, Inc.
SunTrust Robinson Humphrey,
Inc.
|
|
|
|
|
|
Co-Managers:
|
|
BNP Paribas Securities Corp.
J.P. Morgan
Securities LLC
Lloyds Securities Inc.
Morgan
Stanley & Co. LLC
PNC Capital Markets LLC
RBC
Capital Markets, LLC
Scotia Capital (USA) Inc.
TD Securities
(USA) LLC
U.S. Bancorp Investments, Inc.
Wells Fargo
Securities, LLC
|
|
|
Pro Forma Ratio of Earnings to Fixed Charges:
|
|
After giving effect to this offering and the application of the net proceeds as described in Use of Proceeds in the preliminary prospectus supplement, the ratio of earnings to fixed charges on a pro forma basis would
have been 4.6x for the year ended December 31, 2017.
|
*
|
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
|
**
|
Note: Under Rule
15c6-1
of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the
parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes on the date hereof will be required, by virtue of the fact that the notes initially will settle T+3 (on March 29, 2018) to specify an alternate
settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisors.
|
The issuer has
filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with
the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the
offering will arrange to send you the prospectus if you request it by calling Barclays Capital Inc. at
1-888-603-5847,
Credit
Suisse Securities (USA) LLC at
1-800-221-1037,
Mizuho Securities USA LLC at
1-866-271-7403,
or MUFG Securities Americas Inc. at
1-877-649-6848.
No PRIIPs
KID. Not for retail investors in the EEA. No PRIIPs key information document (KID) has been prepared as not available to retail in EEA.
This pricing
term sheet supplements the preliminary prospectus supplement filed by Valero Energy Partners LP on March 26, 2018 relating to the prospectus dated November 30, 2016.
Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers were automatically
generated as a result of this communication being sent via Bloomberg or another email system.
VALERO ENERGY PARTNERS LP (NYSE:VLP)
Historical Stock Chart
From Sep 2024 to Oct 2024
VALERO ENERGY PARTNERS LP (NYSE:VLP)
Historical Stock Chart
From Oct 2023 to Oct 2024