Valero Energy Announces Filing of IPO Registration Statement of Valero GP Holdings, LLC, The Indirect General Partner of Valero
March 31 2006 - 5:37PM
Business Wire
Valero Energy Corporation (NYSE:VLO) announced today that its
subsidiary Valero GP Holdings, LLC has filed a registration
statement on Form S-1 with the Securities and Exchange Commission
(SEC) for an initial public offering of approximately 37% of its
units representing limited liability company interests. All units
will be sold by subsidiaries of Valero Energy Corporation, which
initially will retain an approximate 63% ownership interest in
Valero GP Holdings, LLC, the owner of the general partner interest,
the incentive distribution rights and a 21.4% limited partner
interest in Valero L.P. (NYSE:VLI), a publicly traded limited
partnership that is engaged in the crude oil and refined product
transportation, terminaling and storage business. Valero Energy has
stated its intention to further reduce and ultimately sell all of
its interest in Valero GP Holdings, LLC, pending market conditions.
Once the initial public offering takes place, all Valero L.P.
employees will keep their jobs at their current salaries with
comparable benefit levels, and the corporate office will remain at
the Valero campus in San Antonio. The Valero L.P. management team,
led by CEO Curt Anastasio, will remain intact, and Bill Greehey
will remain Chairman of the Board. Lehman Brothers Inc. will act as
the sole bookrunner. 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 Ave., Edgewood, N.Y. 11717; fax: 631-254-7268; e-mail:
Monica_Castillo@adp.com. 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 communication
shall not constitute an offer to sell or the solicitation of an
offer to buy 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. About Valero
Valero Energy Corporation is based in San Antonio and has
approximately 22,000 employees. The company owns and operates 18
refineries throughout the United States, Canada and the Caribbean
with a combined throughput capacity of approximately 3.3 million
barrels per day. About Valero L.P. Valero L.P. is a master limited
partnership based in San Antonio, with 9,186 miles of pipeline, 89
terminal facilities and four crude oil storage facilities. The
partnership has operations in the United States, Canada, Mexico,
the Netherlands Antilles, the Netherlands and the United Kingdom.
The partnership's combined system has approximately 77.7 million
barrels of storage capacity, and includes crude oil and refined
product pipelines, refined product terminals, petroleum and a
specialty liquids storage and terminaling business, as well as
crude oil storage tank facilities.
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