Valero sees tenders for $594.52 million of 2.7% notes due 2023

By Marisa Wong

Los Angeles, Nov. 29 – Valero Energy Corp. announced that holders had tendered $594.52 million of its $850 million outstanding 2.7% senior notes due 2023 (Cusip: 91913YAX8) as of 5 p.m. ET on Nov. 24, the expiration of its tender offer for any and all of the notes.

That amount excludes $202,000 of notes tendered under guaranteed delivery procedures, according to a Friday press release.

Valero is offering a total consideration of $1,025.65 per $1,000 principal amount of notes. Pricing was calculated using the 0.25% U.S. Treasury due April 15, 2023 plus 40 basis points, resulting in a reference yield of 0.42% and a repurchase yield of 0.82%.

Interest will be paid up to but excluding the settlement date.

Tenders may no longer be withdrawn.

As announced at the start of the offer on Nov. 18, the offer is subject to, among other things, a financing condition. If those conditions are met or waived, settlement is expected to occur on Nov. 30.

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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