Item 1.01 Entry into a Material Definitive Agreement.
On
Borrowings under the Credit Facility bear interest at the base rate or the
eurodollar rate, at the Company's election, plus an applicable rate ranging from
0.150% to 0.700% (in the case of base rate borrowings) and 1.150% to 1.700% (in
the case of eurodollar borrowings), in each case based upon the Company's
ratings from
The Credit Facility requires the Company to pay a commitment fee accruing on the
daily amount of used and unused commitments of the lenders at a rate ranging
from 0.350% and 0.550% per annum, based upon the Company's ratings from
Interest and commitment fees under the Credit Facility are payable quarterly in arrears (or shorter, if the interest period elected by the Company is shorter than 3 months). In addition to the commitment fee, the Credit Facility also requires the Company to pay a customary agency fee to the Administrative Agent.
The Credit Facility contains various customary affirmative and negative covenants and events of default. Proceeds under the Credit Facility will be used for working capital purposes of the Company and its subsidiaries.
The foregoing description is not complete and is qualified in its entirety by reference to the Credit Facility which is filed herewith as Exhibit 10.1 and incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 regarding the Credit Facility is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description 10.1$875,000,000 364-Day Revolving Credit Agreement, dated as ofApril 13, 2020 , amongValero Energy Corporation , as Borrower;JPMorgan Chase Bank, N.A ., as Administrative Agent; and the lenders named therein. 104 The cover page from the Company's Current Report on Form 8-K, formatted in Inline XBRL.
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