Valero Energy Corporation’s $1.5 Billion Senior Notes Offering

Baker Botts L.L.P. represented Valero in the offering, while Davis Polk advised the joint book-running managers.

Valero Energy Corporation (NYSE: VLO) announced the pricing of its public offering of $850,000,000 aggregate principal amount of its 2.700% Senior Notes due 2023 and $650,000,000 aggregate principal amount of its 2.850% Senior Notes due 2025. The Offering is expected to close on April 16, 2020, subject to customary closing conditions.

Valero intends to use the net proceeds from the Offering for general corporate purposes.

BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA LLC acted as joint book-running managers for the Offering.

Valero Energy Corporation is an independent petroleum refining and marketing company that owns and operates refineries in the United States, Canada, and Aruba. The Company produces conventional gasolines, distillates, jet fuel, asphalt, petrochemicals, lubricants, and other refined products, as well as offers diesel fuel, low-sulfur and ultra-low-sulfur diesel fuel, and oxygenates.

The Baker Botts team was led by Jeremy Moore (Picture) and included Jude Dworaczyk, Ieuan List, Gita Pathak, Lauren Richter, Steve Marcus, Snow Rui, Matthew Kuryla and Laura Williams.

Davis Polk advised the joint book-running managers with partner Richard D. Truesdell Jr. and associate Jolie Yang. The tax team included counsel Leslie J. Altus and associate Adam R. Brownstone. Counsel Loyti Cheng and associate Michael Comstock provided environmental advice.

Involved fees earner: Jude Dworaczyk – Baker Botts; Matthew Kuryla – Baker Botts; Ieuan List – Baker Botts; Stephen Marcus – Baker Botts; Jeremy Moore – Baker Botts; Gita Pathak – Baker Botts; Lauren Richter – Baker Botts; Laura Williams – Baker Botts; Snow Xue Rui – Baker Botts; Leslie Altus – Davis Polk & Wardwell; Adam Brownstone – Davis Polk & Wardwell; Loyti Cheng – Davis Polk & Wardwell; Michael Comstock – Davis Polk & Wardwell; Richard Truesdell Jr. – Davis Polk & Wardwell; Jolie Yang – Davis Polk & Wardwell;

Law Firms: Baker Botts; Davis Polk & Wardwell;

Clients: Bank of America Securities; Citigroup Global Markets Ltd; J.P. Morgan Securities LLC; Mizuho Securities; Valero Energy Corporation;

Author: Ambrogio Visconti