Valero Energy Corporation Announces Pricing of Notes Offering

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Valero Energy Corporation (NYSE: VLO, “Valero”) announced today that it has priced a public offering of $575,000,000 aggregate principal amount of Floating Rate Senior Notes due 2023, $925,000,000 aggregate principal amount of 1.200% Senior Notes due 2024, $400,000,000 aggregate principal amount of 2.850% Senior Notes due 2025 (the “2025 notes”) and $600,000,000 aggregate principal amount of 2.150% Senior Notes due 2027. The Floating Rate Senior Notes bear interest at a rate of three-month LIBOR plus 1.150%. The 2025 notes will constitute an additional issuance of our 2.850% Senior Notes due 2025, of which $650,000,000 aggregate principal amount was issued on April 16, 2020.

The offering is expected to close on September 10, 2020, subject to customary closing conditions. Valero intends to use the net proceeds from the offering for general corporate purposes.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., MUFG Securities Americas Inc. and Scotia Capital (USA) Inc. acted as joint book-running managers for the notes.

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