Valero 2015 Annual Report Download - page 88
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Table of Contents
VALERO ENERGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Summary of Credit Facilities
We had outstanding borrowings and letters of credit issued under our credit facilities as follows (in millions):
December 31, 2015
Facility
Amount
Maturity Date
Borrowings
Letters of
Credit
Available
Committed facilities:
Revolver
$ 3,000
November 2020
$ —
$ 57
$ 2,943
VLP Revolver
$ 750
November 2020
$ 175
$ —
$ 575
Canadian Revolver
C$ 50
November 2016
C$ —
C$ 10
C$ 40
Accounts receivable sales
facility
$ 1,400
July 2016
$ 100
$ —
$ 992
Letter of credit facilities
$ 275
June 2016 and
November 2016
$ —
$ 9
$ 266
Uncommitted facilities:
Letter of credit facilities
$ 775
N/A
$ —
$ 87
$ 688
In June 2015, one of our committed letter of credit facilities with a borrowing capacity of $300 million expired and was not renewed.
The remaining committed letter of credit facility was amended in July 2015 to extend the maturity date to June 2016 and reduce the
borrowing capacity from $250 million to $125 million.
In November 2015, we entered into a new committed letter of credit facility with a borrowing capacity of $150 million that matures in
November 2016. Also in November 2015, our Canadian Revolver was amended to extend the maturity date to November 2016.
We also have various other uncommitted short-term bank credit facilities for which we are charged letter of credit issuance fees. These
uncommitted credit facilities have no commitment fees or compensating balance requirements.
On March 20, 2013, in anticipation of the separation of our retail business as described in Note 3, CST entered into an $800 million
senior secured credit agreement. This credit agreement was retained by CST after the separation from us. Therefore, we have no rights
to obtain credit under nor any liabilities in connection with this credit agreement.
On April 16, 2013, also in anticipation of the separation of our retail business, we borrowed $550 million under a short-term debt
agreement with a third-party financial institution. On May 1, 2013, CST issued $550 million of its senior unsecured bonds to us, and we
exchanged those bonds with the third-party financial institution in satisfaction of our short-term debt.
On October 24, 2013, we borrowed $525 million under a short-term debt agreement with a third-party financial institution in
anticipation of liquidating our retained interest in CST. This liquidation was completed on November 14, 2013 by transferring all
remaining shares of CST common stock owned by us to the financial institution in exchange for $467 million of our short-term debt,
and we paid the remaining
82