Valero Energy Corporation $1 Billion Senior Notes Offering
3/25/2019

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.

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. 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. Members of the Davis Polk team are based in the New York and Northern California offices.