Valero prices any-and-all tender for 2.7% notes due 2023

By William Gullotti

Buffalo, N.Y., Nov. 24 – Valero Energy Corp. announced the pricing terms for its any-and-all tender offer for its $850 million outstanding 2.7% senior notes due 2023 (Cusip: 91913YAX8), according to a press release on Wednesday.

The company priced the offer using the 0.25% U.S. Treasury due April 15, 2023 plus 40 basis points, resulting in a reference yield of 0.42%, a repurchase yield of 0.82% and a total consideration of $1,025.65 per $1,000 principal amount of notes.

Interest will be paid up to, but not including, the settlement date.

The offer will expire at 5 p.m. ET on Nov. 24, also the withdrawal deadline.

Notes may be tendered via guaranteed delivery procedures.

Settlement is expected on Nov. 30.

The offer remains subject to the satisfaction or waiver of a number of conditions described in the initial tender offer, including a financing condition.

J.P. Morgan Securities LLC (866 834-4666, 212 834-3424), Citigroup Global Markets Inc. (800 831-9146), BofA Securities, Inc., Mizuho Securities USA LLC and MUFG Securities Americas Inc. are the dealer managers for the offer.

D.F. King & Co., Inc. (888 334 0384, 212 269-5550, vlo@dfking.com, www.dfking.com/vlo) is the information and tender agent for the offer.

San Antonio-based Valero is an oil refinery owner and operator.

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