Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-224993
April 14, 2020
Valero Energy Corporation
Pricing Term Sheet
$850,000,000 2.700% Senior Notes due 2023
$650,000,000 2.850% Senior Notes due 2025
Issuer: | Valero Energy Corporation | |||
Ratings*: | Baa2 (Moody’s) / BBB (S&P) / BBB (Fitch) | |||
Pricing Date: | April 14, 2020 | |||
Settlement Date: | April 16, 2020 (T+2) | |||
Denominations: | $2,000 x $1,000 | |||
Title: | 2.700% Senior Notes due 2023 | 2.850% Senior Notes due 2025 | ||
Principal Amount: | $850,000,000 | $650,000,000 | ||
Maturity Date: | April 15, 2023 | April 15, 2025 | ||
Benchmark Treasury: | UST 0.250% due April 15, 2023 | UST 0.500% due March 31, 2025 | ||
Benchmark Treasury Price and Yield: | 99-281⁄4; 0.289% | 100-131⁄4; 0.416% | ||
Spread to Benchmark Treasury: | T+245 bps | T+245 bps | ||
Yield to Maturity: | 2.739% | 2.866% | ||
Price to Public: | 99.889% of the principal amount | 99.926% of the principal amount | ||
Coupon: | 2.700% | 2.850% | ||
Interest Payment Dates: | April 15 and October 15, commencing October 15, 2020 | April 15 and October 15, commencing October 15, 2020 | ||
Make-Whole Call: | T+40 bps | T+40 bps | ||
Par Call: | N/A | On and after March 15, 2025 (the date that is one month prior to the Maturity Date) | ||
CUSIP/ISIN: | 91913Y AX8 / US91913YAX85 | 91913Y AY6 / US91913YAY68 | ||
Joint Book-Running Managers: | BofA Securities, Inc. Citigroup Global Markets Inc. J.P. Morgan Securities LLC Mizuho Securities USA LLC MUFG Securities Americas Inc. Scotia Capital (USA) Inc. SMBC Nikko Securities America, Inc. U.S. Bancorp Investments, Inc. |
* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that
registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. toll-free at 1 (800)294-1322, Citigroup Global Markets Inc. at 1 (800)831-9146, J.P. Morgan Securities LLC collect at 1 (212)834-4533 or Mizuho Securities USA LLC at 1 (866)271-7403.
This pricing term sheet supplements the preliminary prospectus supplement filed by Valero Energy Corporation on April 14, 2020 relating to the prospectus dated May 17, 2018.
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