Valero Energy Corporation Announces Pricing of Notes Offering

Source: www.gulfoilandgas.com 11/18/2021, Location: North America

Valero Energy Corporation announced that it has priced a public offering of $500,000,000 aggregate principal amount of 2.800% Senior Notes due 2031 and $950,000,000 aggregate principal amount of 3.650% Senior Notes due 2051.

The offering is expected to close on November 29, 2021, subject to customary closing conditions. Valero intends to use the net proceeds from the offering and $750.0 million of cash on hand to finance its cash tender offers (the “Tender Offers”) to repurchase its 2.700% Senior Notes due 2023 (the “Any and All Notes”) and its 1.200% Senior Notes due 2024, 3.650% Senior Notes due 2025, 2.850% Senior Notes due 2025, 10.500% Senior Notes due 2039, 8.750% Senior Notes due 2030, 7.500% Senior Notes due 2032 and 6.625% Senior Notes due 2037 and the 4.375% Senior Notes due 2026 issued by Valero Energy Partners LP and guaranteed by Valero (collectively, the “Maximum Tender Offer Notes” and together with the Any and All Notes, the “Existing Notes”). In the event that there are any net proceeds from this offering that are not used to finance the Tender Offers, Valero anticipates using such net proceeds for general corporate purposes. To the extent that less than all of the outstanding Any and All Notes are tendered and accepted for purchase, Valero currently intends (but is not obligated) to redeem all of the Any and All Notes that remain outstanding following the consummation of the Tender Offers.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and SMBC Nikko Securities America, Inc. acted as joint book-running managers for the notes.

Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from Citigroup Global Markets Inc. toll-free at 1 (800) 831-9146, J.P. Morgan Securities LLC collect at 1 (212) 834-4533, Mizuho Securities USA LLC at 1 (866) 271-7403 or SMBC Nikko Securities America, Inc. at 1 (888) 868-6856 and online at www.sec.gov.


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