By a News Reporter-Staff News Editor at Energy Weekly News -- Valero Energy Partners LP (NYSE: VLP, the "Partnership") 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.
Keywords for this news article include: Valero Energy Partners Lp.
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