Valero (NYSE:VLI)
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Valero GP Holdings, LLC (NYSE:VEH) announced today that it has filed a
registration statement on Form S-1 with the Securities and Exchange
Commission for a secondary public offering of approximately 51.7
percent, or 21,956,522, of its units representing limited liability
company interests. All units will be sold by subsidiaries of Valero
Energy Corporation (NYSE:VLO), which will retain an approximate 7.7
percent interest. Valero GP Holdings, LLC, is the owner of the general
partner interest, the incentive distribution rights and a 21.4 percent
limited partner interest in Valero L.P. (NYSE:VLI), a publicly traded
limited partnership that is engaged in the petroleum liquids
transportation, terminaling and storage business.
A subsidiary of Valero Energy Corporation has granted the underwriters a
30-day option to purchase up to the remaining approximate 7.7 percent
interest, or 3,293,478 units, it owns in Valero GP Holdings, LLC. If the
underwriters exercise such option in full, the ownership interest of
subsidiaries of Valero Energy Corporation in Valero GP Holdings, LLC
will be reduced to zero.
Lehman Brothers Inc. and UBS Investment Bank will act as joint
bookrunners. This offering of units will be made only by means of a
prospectus. A written prospectus meeting the requirements of Section 10
of the Securities Act of 1933, when available, may be obtained from
Lehman Brothers Inc., c/o ADP Financial Services, Integrated
Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717, fax:
631-254-7268, email: monica_castillo@adp.com
or from UBS Investment Bank at 299 Park Avenue, Prospectus Department,
New York, NY, 10171, phone: 212-821-3000.
A registration statement relating to these securities has been filed
with the Securities and Exchange Commission but has not yet become
effective. These securities may not be sold nor may offers to buy be
accepted prior to the time the registration statement becomes effective.
This news release shall not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein, 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 any such
state or jurisdiction. The offering may be made only by means of a
prospectus.
Valero GP Holdings, LLC is a publicly traded limited liability company
that owns the 2 percent general partner interest, a 21.4 percent limited
partner interest and the incentive distribution rights in Valero L.P.,
one of the largest independent terminal and petroleum liquids pipeline
operators in the nation with operations in the United States, the
Netherlands Antilles, Canada, Mexico, the Netherlands and the United
Kingdom. For more information, visit Valero GP Holdings, LLC’s
web site at www.valerogpholdings.com.
Valero L.P. is a publicly traded, limited partnership based in San
Antonio, with 9,303 miles of pipeline, 86 terminal facilities and four
crude oil storage facilities. One of the largest independent terminal
and petroleum liquids pipeline operators in the nation, the partnership
has operations in the United States, the Netherlands Antilles, Canada,
Mexico, the Netherlands and the United Kingdom. The partnership’s
combined system has approximately 77 million barrels of storage
capacity, and includes crude oil and refined product pipelines, refined
product terminals, a petroleum and specialty liquids storage and
terminaling business, as well as crude oil storage tank facilities. For
more information, visit Valero L.P.'s web site at www.valerolp.com.
Valero GP Holdings, LLC (NYSE:VEH) announced today that it has
filed a registration statement on Form S-1 with the Securities and
Exchange Commission for a secondary public offering of approximately
51.7 percent, or 21,956,522, of its units representing limited
liability company interests. All units will be sold by subsidiaries of
Valero Energy Corporation (NYSE:VLO), which will retain an approximate
7.7 percent interest. Valero GP Holdings, LLC, is the owner of the
general partner interest, the incentive distribution rights and a 21.4
percent limited partner interest in Valero L.P. (NYSE:VLI), a publicly
traded limited partnership that is engaged in the petroleum liquids
transportation, terminaling and storage business.
A subsidiary of Valero Energy Corporation has granted the
underwriters a 30-day option to purchase up to the remaining
approximate 7.7 percent interest, or 3,293,478 units, it owns in
Valero GP Holdings, LLC. If the underwriters exercise such option in
full, the ownership interest of subsidiaries of Valero Energy
Corporation in Valero GP Holdings, LLC will be reduced to zero.
Lehman Brothers Inc. and UBS Investment Bank will act as joint
bookrunners. This offering of units will be made only by means of a
prospectus. A written prospectus meeting the requirements of Section
10 of the Securities Act of 1933, when available, may be obtained from
Lehman Brothers Inc., c/o ADP Financial Services, Integrated
Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717,
fax: 631-254-7268, email: monica_castillo@adp.com or from UBS
Investment Bank at 299 Park Avenue, Prospectus Department, New York,
NY, 10171, phone: 212-821-3000.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has not yet
become effective. These securities may not be sold nor may offers to
buy be accepted prior to the time the registration statement becomes
effective. This news release shall not constitute an offer to sell or
a solicitation of an offer to buy the securities described herein, 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 any such state or jurisdiction. The offering may be made only
by means of a prospectus.
Valero GP Holdings, LLC is a publicly traded limited liability
company that owns the 2 percent general partner interest, a 21.4
percent limited partner interest and the incentive distribution rights
in Valero L.P., one of the largest independent terminal and petroleum
liquids pipeline operators in the nation with operations in the United
States, the Netherlands Antilles, Canada, Mexico, the Netherlands and
the United Kingdom. For more information, visit Valero GP Holdings,
LLC's web site at www.valerogpholdings.com.
Valero L.P. is a publicly traded, limited partnership based in San
Antonio, with 9,303 miles of pipeline, 86 terminal facilities and four
crude oil storage facilities. One of the largest independent terminal
and petroleum liquids pipeline operators in the nation, the
partnership has operations in the United States, the Netherlands
Antilles, Canada, Mexico, the Netherlands and the United Kingdom. The
partnership's combined system has approximately 77 million barrels of
storage capacity, and includes crude oil and refined product
pipelines, refined product terminals, a petroleum and specialty
liquids storage and terminaling business, as well as crude oil storage
tank facilities. For more information, visit Valero L.P.'s web site at
www.valerolp.com.