Valero Energy Corporation (NYSE: VLO, “Valero”) announced today that it has priced a public offering of $575,000,000 aggregate principal amount of Floating Rate Senior Notes due 2023, $925,000,000 aggregate principal amount of 1.200% Senior Notes due 2024, $400,000,000 aggregate principal amount of 2.850% Senior Notes due 2025 (the “2025 notes”) and $600,000,000 aggregate principal amount of 2.150% Senior Notes due 2027. The Floating Rate Senior Notes bear interest at a rate of three-month LIBOR plus 1.150%. The 2025 notes will constitute an additional issuance of our 2.850% Senior Notes due 2025, of which $650,000,000 aggregate principal amount was issued on April 16, 2020.
The offering is expected to close on September 10, 2020, subject to customary closing conditions. Valero intends to use the net proceeds from the offering for general corporate purposes.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., MUFG Securities Americas Inc. and Scotia Capital (USA) 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 J.P. Morgan Securities LLC collect at 1-212-834-4533, Citigroup Global Markets Inc. toll-free at 1-800-831-9146, MUFG Securities Americas Inc. toll-free at 1-877-649-6848 or Scotia Capital (USA) Inc. toll-free at 1-800-372-3930 and online at www.sec.gov.
Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 50 company based in San Antonio, Texas, and it operates 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 14 ethanol plants with a combined production capacity of approximately 1.73 billion gallons per year. The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero also is a joint venture partner in Diamond Green Diesel, which operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel is North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names. Please visit www.valero.com for more information.
The notes were offered and will be sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission, and only by means of a prospectus supplement and accompanying base prospectus. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Homer Bhullar, Vice President – Investor Relations, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Manager – Investor Relations, 210-345-3992