Summary
Valero Energy Corporation (VLO) filed an 8-K on December 16, 2002, reporting on a significant financing event. The company entered into an underwriting agreement on December 10, 2002, for the public offering of $180 million in aggregate principal amount of 6.700% Senior Notes due 2013. This issuance is intended to provide additional capital for the company's operations and strategic initiatives. The offering is being conducted under the company's existing shelf registration statement, indicating a well-established process for accessing capital markets. The closing of this note issuance is scheduled for December 16, 2002, signifying an imminent inflow of funds. Investors should view this as a strategic move by Valero to secure long-term debt financing at a specific interest rate, which can impact its leverage and future interest expense.
Key Highlights
- 1Valero Energy Corporation entered into an underwriting agreement on December 10, 2002.
- 2The agreement is for a public offering of $180,000,000 in aggregate principal amount of 6.700% Senior Notes.
- 3The Notes are due in the year 2013.
- 4The issuance is registered under the company's existing shelf registration statement.
- 5The closing of the note issuance is scheduled for December 16, 2002.
- 6UBS Warburg LLC is listed as the Underwriter for this offering.