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4-Traders Homepage  >  Equities  >  Nyse  >  Valero Energy Partners LP    VLP

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VALERO ENERGY PARTNERS LP : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

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12/09/2016 | 10:21pm CET

Item 1.01. Entry into a Material Definitive Agreement.

Senior Notes Offering

On December 9, 2016, Valero Energy Partners LP (the "Partnership") completed the public offering of $500,000,000 aggregate principal amount of its 4.375% Senior Notes due 2026 (the "Notes"). The Notes were issued pursuant to an Indenture (the "Indenture") dated November 30, 2016 by and between the Partnership and U.S. Bank National Association, as trustee.

The offering of the Notes was registered under the Securities Act of 1933, as amended, pursuant to the Registration Statement on Form S-3 (Registration No. 333-208052), as amended, of the Partnership, and was made pursuant to the prospectus dated November 30, 2016, as supplemented by the prospectus supplement dated December 2, 2016 (collectively, the "Prospectus").

Subordination Agreement

On December 9, 2016, the Partnership and Valero Energy Corporation ("VLO") entered into a Subordination Agreement (the "Subordination Agreement") pursuant to which the Partnership's obligations under the Amended and Restated Subordinated Credit Agreements, each dated as of November 12, 2015, by and between the Partnership and VLO were subordinated to the Partnership's obligations created pursuant to the Indenture.

The descriptions of the Notes and the Indenture are set forth in the Prospectus, and are incorporated herein by reference. The Indenture, the terms of Notes, the form of Notes and the Subordination Agreement have been filed or incorporated by reference as Exhibits 4.1, 4.2, 4.3 and 10.1 hereto.

Item 9.01 Financial Statements and Exhibits.





(d) Exhibits.




4.1     Indenture dated November 30, 2016 by and between the Partnership and U.S.
        Bank National Association, as trustee - incorporated by reference to
        Exhibit 4.1 to the Partnership's Post-Effective Amendment No. 1 to
        Registration Statement on Form S-3 (Registration No. 333-208052) filed
        November 30, 2016.

4.2     Terms of the 4.375% Senior Notes due 2026.

4.3     Form of Notes (included in Exhibit 4.2 above).

10.1    Subordination Agreement dated December 9, 2016 by and between the
        Partnership and VLO.




                                       2

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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Financials ($)
Sales 2016 361 M
EBIT 2016 212 M
Net income 2016 189 M
Debt 2016 571 M
Yield 2016 3,74%
P/E ratio 2016 14,83
P/E ratio 2017 12,35
EV / Sales 2016 9,01x
EV / Sales 2017 7,83x
Capitalization 2 683 M
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 52,9 $
Spread / Average Target 33%
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Joseph W. Gorder Chairman & Chief Executive Officer
Richard F. Lashway President, Chief Operating Officer & Director
Donna M. Titzman Chief Financial Officer, Treasurer, Director & SVP
Robert S. Beadle Lead Independent Director
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