Published on 3/26/2018 in the Prospect News Investment Grade Daily.
New Issue: Valero Energy Partners sells $500 million 4.5% 10-year notes with 170 bps spread
By Cristal Cody
Tupelo, Miss., March 26 – Valero Energy Partners LP priced a $500 million offering of 4.5% 10-year senior notes on Monday at a spread of 170 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa3/BBB-/BBB-) priced at 99.66 to yield 4.543%.
Barclays, Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc., MUFG, Citigroup Global Markets Inc., BofA Merrill Lynch, SMBC Nikko Securities America, Inc. and SunTrust Robinson Humphrey Inc. were the bookrunners.
Valero held fixed income investor calls on March 12 for the offering.
Proceeds will be used for general partnership purposes, including paying or refinancing all or a portion of the company’s debt under its revolving credit facility and for working capital, capital expenditures or acquisitions.
San Antonio-based Valero is an oil refinery owner and operator.
| Issuer: | Valero Energy Partners LP
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | March 15, 2028
|
| Bookrunners: | Barclays, Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc., MUFG, Citigroup Global Markets Inc., BofA Merrill Lynch, SMBC Nikko Securities America, Inc. and SunTrust Robinson Humphrey Inc.
|
| Co-managers: | BNP Paribas Securities Corp., J.P. Morgan Securities LLC, Lloyds Securities Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
|
| Coupon: | 4.5%
|
| Price: | 99.66
|
| Yield: | 4.543%
|
| Spread: | Treasuries plus 170 bps
|
| Call features: | Make-whole call at Treasuries plus 30 bps; on or after Dec. 15, 2027 at par
|
| Trade date: | March 26
|
| Settlement date: | March 29
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Marketing: | Investor calls
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
