8-KMaterial AgreementsFinancial EventsRegulation FD+2

VALERO ENERGY CORP/TX 8-K Report, Material Agreement (Jan 10, 2019)

Filed January 10, 2019For Securities:VLO

Summary

This 8-K filing by Valero Energy Corp. (VLO) primarily announces the completion of a merger and related financing adjustments. A key event is the entry into a First Supplemental Indenture, which solidifies Valero Energy Corporation's unconditional guarantee for the Senior Notes issued by Valero Energy Partners LP. This ensures the prompt payment of all amounts owed to holders of the 4.375% Senior Notes due 2026 and the 4.500% Senior Notes due 2028. Furthermore, the filing confirms the completion of the merger between Valero Energy Corporation and Valero Energy Partners LP, as previously announced. The company also issued a press release on January 10, 2019, detailing the completion of this merger. Investors should note that this filing primarily concerns structural and guarantee agreements related to the partnership's debt following the merger, rather than new operational or financial performance metrics.

Key Highlights

  • 1Valero Energy Corporation (VLO) has entered into a First Supplemental Indenture, effective January 10, 2019.
  • 2VLO provides an unconditional and irrevocable guarantee for the Senior Notes issued by Valero Energy Partners LP.
  • 3This guarantee covers the 4.375% Senior Notes due 2026 and the 4.500% Senior Notes due 2028.
  • 4The filing confirms the completion of a merger involving Valero Energy Corporation and Valero Energy Partners LP.
  • 5A joint press release announcing the merger completion was issued on January 10, 2019.
  • 6The First Supplemental Indenture amends the existing Indenture dated November 30, 2016.

Frequently Asked Questions

The First Supplemental Indenture formalizes Valero Energy Corporation's (VLO) unconditional guarantee of the Senior Notes issued by Valero Energy Partners LP. This means VLO is directly responsible for ensuring that all payments related to these notes are made when due.

The filing specifically addresses the Senior Notes issued by Valero Energy Partners LP, namely the $500 million aggregate principal amount of 4.375% Senior Notes due 2026 and the $500 million aggregate principal amount of 4.500% Senior Notes due 2028.

No, this 8-K filing does not contain new financial results or operational updates. Its primary focus is on the completion of a merger and the related material definitive agreement regarding debt guarantees.

The filing confirms the completion of a merger, which likely leads to the integration of Valero Energy Partners LP into Valero Energy Corporation. The guarantee in the First Supplemental Indenture is a consequence of this merger, securing the debt of the partnership under the parent company.