VALERO ENERGY PARTNERS LP just came out with a new prospectus, available here. This is an SEC requirement for firms looking to issue certain types of securities. An excerpt of the prospectus is provided below:
We estimate that the net proceeds we will receive from this offering will be approximately $493.75 million after deducting the underwriting discount and estimated expenses of the offering payable by us. We anticipate using the net proceeds from this offering for general partnership purposes, which may include, among other things, paying or refinancing all or a portion of our indebtedness outstanding under our revolving credit facilit y and funding working capital, capital expenditures or acquisitions.
As of March 20, 2018, we had $410.0 million of borrowings outstanding and no letters of credit outstanding under our revolving credit facility, which matures in November 2020, and had a weighted average interest rate at March 20, 2018 of 3.1875%. Substantially all of the outstanding borrowings under our revolving credit facility were used to partially finance our acquisition of the Parkway pipeline and the Port Arthur terminal. Please read Description of Other Indebtedness for further information.
Affiliates of certain of the underwriters are lenders under our revolving credit facility. To the extent we use proceeds of the offering to repay indebtedness under our revolving credit facility, such affiliates may receive a portion of the proceeds from this offering.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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