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Valero Energy to sell dollar-denominated notes due 2052; price talk Treasuries plus 235 bps area
By William Gullotti and Cristal Cody
Buffalo, N.Y., Feb. 2 – Valero Energy Corp. plans to sell an offering of dollar-denominated senior notes due June 1, 2052 (BBB/BBB), according to a market source and additional details from a 424B5 filing with the Securities and Exchange Commission.
The notes are talked to yield in the 235 basis points area over Treasuries.
The notes will have a make-whole call and a par call.
J.P. Morgan Securities LLC, BofA Securities, Inc., Wells Fargo Securities, LLC, Citigroup Global Markets Inc., MUFG, RBC Capital Markets, LLC, U.S. Bancorp Investments, Inc. and Scotia Capital (USA) Inc. are the joint bookrunning managers for the offering.
The proceeds, along with cash on hand, will be used to fund the debt tender.
San Antonio-based Valero is an oil refinery owner and operator.
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