SAN ANTONIO, Nov. 19, 2015 /PRNewswire/ — Valero Energy Partners LP (NYSE: VLP, the “Partnership”) today announced the pricing of an underwritten public offering of 4,250,000 common units representing limited partner interests at a public offering price of $46.25 per common unit. In connection with the offering, the Partnership granted the underwriters a 30-day option to purchase up to an additional 637,500 common units. The offering is expected to close on November 24, 2015, subject to certain closing conditions.
The Partnership expects to receive gross proceeds (before underwriters discounts and commissions and estimated offering expenses) of approximately $196,562,500 million (or approximately $226,046,875 million if the underwriters exercise in full their option to purchase additional common units), including our general partner’s proportionate capital contribution to maintain its 2% general partner interest in the Partnership and after deducting underwriting discounts and estimated offering expenses. The Partnership expects to use the net proceeds from this offering for general partnership purposes, which may include funding future acquisitions, investments and other capital expenditures, and repayment of its outstanding indebtedness.
J.P. Morgan is acting as the sole book-running manager for the offering.
The common units are being offered and will be sold pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission (the “SEC”). This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The offering is being made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. When available, a copy of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained for free by visiting EDGAR on the SEC website at www.sec.gov or by sending a request to J.P. Morgan Securities LLC by phone at (866) 803-9204, by mail at J.P. Morgan Securities LLC, via Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at firstname.lastname@example.org.
About Valero Energy Partners LP
Valero Energy Partners LP is a fee-based master limited partnership formed by Valero Energy Corporation to own, operate, develop, and acquire crude oil and refined products pipelines, terminals, and other transportation and logistics assets. With headquarters in San Antonio, the Partnership’s assets include crude oil and refined petroleum products pipeline and terminal systems in the Gulf Coast and Mid-Continent regions of the United States that are integral to the operations of nine of Valero’s refineries. Please visit www.valeroenergypartners.com for more information.
This release contains forward-looking statements, within the meaning of federal securities laws, with respect to the offering of common units and the use of proceeds therefrom. These forward-looking statements contain words such as “will,” “may,” and “expect,” are not guarantees of future performance, and are subject to risks, uncertainties and other factors, some of which are beyond the Partnership’s control and are difficult to predict. These statements are often based upon various assumptions, many of which are based, in turn, upon further assumptions, including examination of historical operating trends made by the management of the Partnership. Although the Partnership believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies, which are difficult or impossible to predict and are beyond its control, the Partnership cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements contained in the Partnership’s filings with the SEC, including the Partnership’s annual reports on Form 10-K and quarterly reports on Form 10-Q, available on the Partnership’s website at www.valeroenergypartners.com. These risks could cause the Partnership’s actual results to differ materially from those contained in any forward-looking statement.
John Locke, Vice President – Investor Relations, 210-345-3077
Karen Ngo, Manager – Investor Relations, 210-345-4574
Steve Lee, Manager – Corporate Communications, 210-345-4137
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SOURCE Valero Energy Partners LP