Valero Energy to use borrowings to acquire Corpus Christi terminals

By Tali Rackner

Norfolk, Va., Sept. 23 – Valero Energy Partners LP plans to use $395 million in borrowings under a subordinated loan agreement with subsidiary Valero Energy Corp. to finance its acquisition of the Corpus Christi terminal services business from a subsidiary of Valero, according to a press release.

The partnership will also use proceeds from the issuance of additional common units and general partner units to Valero subsidiaries, valued collectively at about $70 million.

The $465 million transaction is expected to close on Oct. 1.

San Antonio-based Valero is an oil refinery owner and operator.

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