Valero Energy $650 million senior notes offering

Davis Polk advised the joint book-running managers on an SEC-registered offering by Valero Energy Corporation of $650 million aggregate principal amount of its 4.000% senior notes due 2052.

Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 500 company based in San Antonio, Texas, and owns 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 12 ethanol plants with a combined production capacity of approximately 1.6 billion gallons per year. The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero is also a joint venture partner in Diamond Green Diesel, which owns and operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel owns North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., 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 counsel Hillary A. Coleman. The tax team included partner Lucy W. Farr and associate Bradford Sherman. Counsel Michael Comstock provided environmental advice. All members of the Davis Polk team are based in the New York office.