Valero Energy Corporation Announces Pricing of Notes Offering

SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) announced today that it has priced a public offering of $650,000,000 aggregate principal amount of 4.000% Senior Notes due 2052 (the “Notes”).

The offering is expected to close on February 7, 2022, subject to customary closing conditions. Valero intends to use the net proceeds from the offering, together with cash on hand, to finance its cash tender offers (the “Tender Offers”) to repurchase its outstanding 3.650% Senior Notes due 2025, 2.850% Senior Notes due 2025, 3.400% Senior Notes due 2026, 2.150% Senior Notes due 2027 and 4.350% Senior Notes due 2028, and the 4.375% Senior Notes due 2026 and 4.500% Senior Notes due 2028 issued by Valero Energy Partners LP and guaranteed by Valero. In the event that there are any net proceeds from this offering that are not used to finance the Tender Offers, Valero anticipates using such net proceeds for general corporate purposes.

J.P. Morgan Securities LLC, BofA Securities, Inc., Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC acted as joint book-running managers for the offering.

Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from J.P. Morgan Securities LLC collect at 1 [phone], BofA Securities, Inc. at 1 [phone], Scotia Capital (USA) Inc. at 1 [phone] and Wells Fargo Securities, LLC at 1 [phone] and online at www.sec.gov.

About Valero
Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (“U.S.”), Canada, the United Kingdom (“U.K.”), Ireland and Latin America. Valero owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which owns a renewable diesel plant in Norco, Louisiana with a production capacity of 700 million gallons per year, and Valero owns 12 ethanol plants located in the Mid-Continent region of the U.S. with a combined production capacity of approximately 1.6 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments.

The Notes were offered and will be sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission, and only by means of a prospectus supplement and accompanying base prospectus. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.