Valero Energy Corporation’s $1 Billion Senior Notes Offering

Davis Polk advised the joint book-running managers on an SEC-registered offering by Valero Energy Corporation of $1 billion aggregate principal amount of its 4.000% senior notes due 2029.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Scotia Capital (USA) Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Lloyds Securities Inc., PNC Capital Markets LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, Inc. acted as underwriters in the deal.

Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 50 company based in San Antonio, Texas, and it operates 15 petroleum refineries with a combined throughput capacity of approximately 3.1 million barrels per day and 14 ethanol plants with a combined production capacity of 1.73 billion gallons per year. The petroleum refineries are located in the United States, Canada and the United Kingdom, and the ethanol plants are located in the Mid-Continent region of the United States. Valero also is a joint venture partner in Diamond Green Diesel, which operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel is North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the United States, Canada, the United Kingdom, Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names.

The Davis Polk capital markets team included partner Richard D. Truesdell Jr. (Picture) and associates Hillary A. Coleman and Jolie Yang. The tax team included partner Rachel D. Kleinberg. Counsel Loyti Cheng and associate Michael Comstock provided environmental advice.

Involved fees earner: Loyti Cheng – Davis Polk & Wardwell; Hillary Coleman – Davis Polk & Wardwell; Michael Comstock – Davis Polk & Wardwell; Rachel Kleinberg – Davis Polk & Wardwell; Richard Truesdell Jr. – Davis Polk & Wardwell; Jolie Yang – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Barclays Capital ; BNP Paribas Securities; Citigroup Global Markets Ltd; Credit Suisse Securities (USA) LLC; J.P. Morgan Securities LLC; Lloyds Securities; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Mizuho Securities; MUFG Securities Americas Inc. ; PNC Capital Markets LLC; RBC Capital Markets; Scotia Capital Inc.; SMBC Nikko Securities America; SunTrust Robinson Humphrey, Inc.; TD Securities; U.S. Bancorp Investments; Wells Fargo Securities;

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Author: Ambrogio Visconti