Valero Energy Completes Previously Announced Series of Debt Reduction

Source: www.gulfoilandgas.com 12/29/2021, Location: North America

Valero Energy Corporation (VLO, “Valero”) announced 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.


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