Valero Energy Partners Prices 15 Mln Common Units IPO At $23/unit

(RTTNews) - Valero Energy Partners LP, a limited partnership formed by Valero Energy Corp. (VLO), Wednesday said it priced its initial public offering of 15 million common units at $23 per common unit. Further, the underwriters have been given a 30-day option to purchase up to an additional 2.25 million units from the company. The common units will begin trading today on the New York Stock Exchange under the symbol "VLP." The offering is expected to close on or about December 16.

During the closure of the offering, public will own a 25.5 percent limited partner interest in Valero Energy Partners, or a 29.4 percent limited partner interest if the underwriters exercise in full their option to purchase additional units. Valero, through certain of its units, will own the remaining limited partner interests in Valero Energy Partners, as well as the 2 percent general partner interest.

J.P. Morgan, Barclays, Citigroup, RBC Capital Markets and Wells Fargo Securities are acting as joint book-running managers, while Mitsubishi UFJ Securities, SunTrust Robinson Humphrey, Credit Agricole CIB, Credit Suisse, Jefferies, Mizuho Securities, RBS and Scotiabank / Howard Weil are acting as co-managers for the offering.