Valero Energy Corporation’s $2.5 Billion Senior Notes Offering

Davis Polk advised the joint book-running managers on the transaction.

Valero Energy Corporation executed the offering of $2.5 billion aggregate principal amount of its floating-rate senior notes due 2023, 1.200% senior notes due 2024, 2.850% senior notes due 2025 and 2.150% senior notes due 2027.

J.P. Morgan Securities LLC., Citigroup Global Markets Inc., MUFG Securities Americas Inc., Scotia Capital (USA) Inc., BofA Securities, Inc., Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., U.S. Bancorp Investments, Inc., Barclays Capital Inc., BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC, TD Securities (USA) LLC, Truist Securities, Inc., and Wells Fargo Securities, LLC acted as underwriters for the offering.

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 3.2 million barrels per day and 14 ethanol plants with a combined production capacity of 1.73 billion gallons per year.

The Davis Polk capital markets team included partner Richard D. Truesdell Jr. and associates Jolie Yang and Genevieve A. Lewis. The tax team included counsel Kiara L. Rankin and associate Eitan Ulmer. Counsel Loyti Cheng and associate Michael Comstock provided environmental advice.

Involved fees earner: Loyti Cheng – Davis Polk & Wardwell; Michael Comstock – Davis Polk & Wardwell; Kiara Rankin – Davis Polk & Wardwell; Richard Truesdell Jr. – Davis Polk & Wardwell; Eitan Ulmer – Davis Polk & Wardwell; Jolie Yang – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Bank of America Securities; Barclays Capital ; BNP Paribas Securities; Citigroup Global Markets Ltd; Credit Suisse Securities (USA) LLC; J.P. Morgan Securities LLC; Mizuho Securities; MUFG Securities Americas Inc. ; PNC Capital Markets LLC; RBC Capital Markets; Scotia Capital Inc.; SMBC Nikko Securities America; TD Securities; Truist Securities Inc. ; U.S. Bancorp Investments; Wells Fargo Securities;

Author: Ambrogio Visconti