Summary
Valero Energy Corporation (VLO) announced a significant financing event through the public offering of Orion Refining Corporation's 2% Mandatory Convertible Preferred Stock. This offering involves 8,460,000 preferred shares, each with a liquidation preference of $25, which are convertible into Valero's common stock. The shares were registered under the Securities Act of 1933 and the transaction was set to close on October 31, 2003. This filing provides investors with details regarding the underwriting agreement for this preferred stock offering, which was entered into on October 28, 2003, with Citigroup Global Markets Inc. and Lehman Brothers Inc. acting as underwriters. The inclusion of this agreement as an exhibit indicates a material event concerning the company's capital structure and financing strategy.
Key Highlights
- 1Valero Energy Corporation is offering 8,460,000 shares of 2% Mandatory Convertible Preferred Stock through Orion Refining Corporation.
- 2Each preferred share has a liquidation preference of $25.
- 3The preferred shares are convertible into Valero's common stock.
- 4The offering is being conducted under a registration statement filed with the SEC.
- 5The underwriting agreement was executed on October 28, 2003, with Citigroup Global Markets Inc. and Lehman Brothers Inc. as underwriters.
- 6The closing of the share sale was scheduled for October 31, 2003.