Valero Energy Corporation reduced its debt by approximately $300 million through the acquisition of $300 million of 4.00 percent Gulf Opportunity Zone Revenue Bonds Series 2010 (“GO Zone Bonds”). As previously disclosed, the GO Zone Bonds are due December 1, 2040, but were subject to mandatory tender on June 1, 2022 (the “Mandatory Tender Date”) at a price equal to par plus accrued and unpaid interest up to, but excluding, the Mandatory Tender Date.
This transaction, combined with debt reduction and refinancing transactions completed in the third and fourth quarters of 2021, and the first quarter of 2022, collectively reduced Valero’s debt by approximately $2.3 billion.
