Valero Energy Corporation 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.
