Deal Description: On September 8, 2020, Valero Energy Corporation (NYSE: VLO) (“Valero”) announced the pricing of its public offering (the “Offering”) of $575,000,000 aggregate principal amount of its Floating Rate Senior Notes due 2023, $925,000,000 aggregate principal amount of its 1.200% Senior Notes due 2024, $400,000,000 aggregate principal amount of its 2.850% Senior Notes due 2025 (the “2025 notes”) and $600,000,000 aggregate principal amount of its 2.150% Senior Notes due 2027. The 2025 notes will constitute an additional issuance of Valero’s 2.850% Senior Notes due 2025, of which $650,000,000 aggregate principal amount was issued on April 16, 2020. The Offering is expected to close on September 10, 2020, subject to customary closing conditions.

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

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., MUFG Securities Americas Inc. and Scotia Capital (USA) Inc. acted as joint book-running managers for the Offering.

Baker Botts L.L.P. represented Valero in the Offering.

Value: $2.5 billion

Baker Botts Lawyers/Office Involved:

Corporate: Jeremy Moore (Partner, Houston); Jude Dworaczyk (Associate, Houston); Gita Pathak (Associate, Houston); Lauren Richter (Associate, Houston)

Tax: Steve Marcus (Partner, Dallas); Snow Rui (Associate, Dallas)

Environmental: Matthew Kuryla (Partner, Houston); Laura Williams (Associate, Houston)

In-house Valero lawyers involved on the Offering included Richard Walsh, Stephen Gilbert and Ethan Jones.

For more information, please see Valero’s news release by clicking here.

ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.