Valero Energy Announces the Pricing Terms of its Pending Any and All Tender Offer

Source: www.gulfoilandgas.com 11/24/2021, Location: North America

Valero Energy Corporation announced the pricing terms of its previously announced cash tender offer (the “Any and All Tender Offer”) for any and all of its outstanding 2.700% Senior Notes due 2023 (the “Any and All Notes”). The terms and conditions of the Any and All Tender Offer are described in the Offer to Purchase, dated November 18, 2021 (the “Offer to Purchase”). The Any and All Tender Offer is scheduled to expire at 5:00 p.m., New York City time, today, November 24, 2021, unless extended or earlier terminated.

Upon consummation of the Any and All Tender Offer, Valero will pay the Total Consideration (as shown in the table above) for each $1,000 principal amount of Any and All Notes validly tendered and accepted for payment, plus accrued and unpaid interest up to, but not including, November 30, 2021, the expected settlement date for the Any and All Tender Offer. The Total Consideration was calculated in the manner described in the Offer to Purchase by reference to the fixed spread specified in the table above plus the yield to maturity based on the bid-side price of the U.S. Treasury Reference Security specified in the table above at 2:00 p.m., New York City time, on November 24, 2021.

To receive the Total Consideration, holders of Any and All Notes must validly tender and not validly withdraw their Any and All Notes or timely comply with the guaranteed delivery procedures set forth in the Offer to Purchase prior to the expiration of the Any and All Tender Offer. Any and All Notes tendered may be withdrawn at any time prior to the expiration of the Any and All Tender Offer by following the procedures described in the Offer to Purchase. Holders of Any and All Notes are urged to read carefully the Offer to Purchase before making any decision with respect to the Any and All Tender Offer.

Valero’s obligation to accept for payment and to pay for the Any and All Notes validly tendered in the Any and All Tender Offer is subject to the satisfaction or waiver of a number of conditions described in the Offer to Purchase, including a financing condition. The Any and All Tender Offer may be terminated or withdrawn in whole, subject to applicable law. Valero reserves the right, subject to applicable law, to (1) waive any and all conditions to the Any and All Tender Offer, (2) extend or terminate the Any and All Tender Offer, or (3) otherwise amend the Any and All Tender Offer in any respect.

Valero has retained J.P. Morgan Securities LLC and Citigroup Global Markets Inc. as Lead Dealer Managers, BofA Securities, Inc., Mizuho Securities USA LLC and MUFG Securities Americas Inc. as Co-Dealer Managers (collectively, the “Dealer Managers”) for the Any and All Tender Offer. Valero has retained D.F. King & Co., Inc. as the tender and information agent for the Any and All Tender Offer. For additional information regarding the terms of the Any and All Tender Offer, please contact: J.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-3424 (collect); or Citigroup Global Markets Inc. at (800) 831-9146. Requests for documents and questions regarding the tendering of securities may be directed to D.F. King & Co., Inc. by telephone at (212) 269-5550 (for banks and brokers only) or (800) 334-0384 (for all others, toll-free), by email at vlo@dfking.com or at www.dfking.com/vlo or to the Dealer Managers at their respective telephone numbers.


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