8-KOther EventsExhibits & Filings

VALERO ENERGY CORP/TX 8-K Report, Corporate Update (Jun 9, 2009)

Filed June 9, 2009For Securities:VLO

Summary

Valero Energy Corporation (VLO) filed an 8-K report on June 9, 2009, announcing the successful completion of a significant equity offering. The company entered into an Underwriting Agreement on June 3, 2009, for the issuance and sale of 40,000,000 shares of its common stock. This offering was further bolstered by the underwriters exercising their option to purchase an additional 6,000,000 shares, bringing the total to 46,000,000 shares. This substantial capital raise, registered under a Form S-3, indicates Valero's strategic move to strengthen its financial position or fund future growth initiatives during a dynamic economic period. The closing of this transaction was slated for June 9, 2009. Investors should note that this filing primarily pertains to the details of the equity offering and does not include specific financial results, but it signals a notable event in the company's capital structure.

Key Highlights

  • 1Valero Energy Corp. completed a primary offering of 40,000,000 shares of common stock.
  • 2Underwriters exercised an option to purchase an additional 6,000,000 shares, totaling 46,000,000 shares sold.
  • 3The offering was made under a Registration Statement on Form S-3, as amended.
  • 4An Underwriting Agreement was entered into on June 3, 2009, with Barclays Capital Inc. and J.P. Morgan Securities Inc. acting as representatives for the underwriters.
  • 5The closing of the stock issuance and sale was expected on June 9, 2009.
  • 6The filing is an 8-K report dated June 9, 2009, detailing these events.
  • 7This event represents a significant capital raise for Valero Energy Corporation.

Frequently Asked Questions

This Form 8-K filing was made to report a significant corporate event: Valero Energy Corporation's issuance and sale of a large block of its common stock. It details the terms of the underwriting agreement and the number of shares involved in the offering.

Valero sold a total of 46,000,000 shares of common stock. The initial offering was for 40,000,000 shares, and the underwriters exercised an option to purchase an additional 6,000,000 shares. The exact amount of capital raised would depend on the price per share, which is not disclosed in this specific filing but would have been established under the Underwriting Agreement.

While this filing doesn't specify the exact reasons, large equity offerings like this are typically undertaken to raise capital for various purposes. These can include funding capital expenditures, acquisitions, debt repayment, strengthening the balance sheet, or general corporate purposes. Given the economic environment of 2009, Valero might have been seeking to increase liquidity or financial flexibility.

No, this Form 8-K filing (Item 8.01 and 9.01) focuses solely on the event of the stock offering and related agreements. It does not include financial statements or operational results. For detailed financial performance, investors would need to review Valero's quarterly (10-Q) or annual (10-K) reports, or other specific filings containing financial data.