Valero 2015 Annual Report Download - page 89

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Table of Contents
VALERO ENERGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
$58 million of short-term debt in cash. After paying $19 million of fees, we recognized a $325 million nontaxable gain.

During the year ended December 31, 2015, we issued $600 million of 3.65 percent senior notes due March 15, 2025 and $650 million
o f 4.9 percent senior notes due March 15, 2045. Proceeds from these debt issuances totaled $1.246 billion. We also incurred
$12 million of debt issuance costs. In addition, we made scheduled debt repayments of $400 million related to our 4.5 percent senior
notes and $75 million related to our 8.75 percent debentures.
During the year ended December 31, 2014, we made a scheduled debt repayment of $200 million related to our 4.75 percent senior
notes.
During the year ended December 31, 2013, we made scheduled debt repayments of $180 million related to our 6.7 percent senior notes
and $300 million related to our 4.75 percent senior notes.

For the years ended December 31, 2015, 2014, and 2013, capitalized interest was $71 million, $70 million, and $118 million,
respectively.

Our credit facilities and other debt arrangements contain various customary restrictive covenants, including cross-default and cross-
acceleration clauses.
Principal payments on our debt obligations and future minimum rentals on capital lease obligations as of December 31, 2015 were as
follows (in millions):
Debt
Capital
Lease
Obligations
2016 $ 117
$ 17
2017 950
16
2018 —
16
2019 750
16
2020 1,025
14
Thereafter 4,474
43
Net unamortized discount
and fair value adjustments (24)
—
Less interest expense —
(37)
Total $ 7,292
$ 85
83