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Moody's affirms Valero Energy
Moody's Investors Service said it affirmed Valero Energy Corp.'s Baa3 senior unsecured debt rating with a stable outlook.
The rating action was prompted by Valero's announcement of its agreement to acquire El Paso Corp.'s Aruba refinery and related marine, bunkering and marketing operations for about $465 million in cash plus $250 million for working capital. Valero intends to finance 50% of the transaction with net proceeds of about $350 million from the issuance of common equity and the remainder with cash on the balance sheet and about $165 million of revolver drawings.
The acquisition is expected to close during the first quarter of 2004.
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