◦$575 million of Floating Rate Senior Notes due September 15, 2023 (the Floating Rate Notes), which bear interest at a rate of three-month LIBOR plus 1.150 percent, subject to certain adjustments set forth in the terms of the Floating Rate Notes;

◦$400 million of 2.850 percent Senior Notes due April 15, 2025 that constitute an additional issuance of our 2.850 percent Senior Notes due April 15, 2025, of which $650 million aggregate principal amount was issued in April 2020; and

Proceeds from these debt issuances totaled $2.521 billion before deducting the underwriting discount and other debt issuance costs. The interest rate applicable to the Floating Rate Notes was 1.3995 percent as of September 30, 2020.

•In April 2020, we issued $850 million of 2.700 percent Senior Notes due April 15, 2023 and $650 million of 2.850 percent Senior Notes due April 15, 2025. Proceeds from these debt issuances totaled $1.499 billion before deducting the underwriting discount and other debt issuance costs.

•We issued $1.0 billion of 4.00 percent Senior Notes due April 1, 2029. Proceeds from this debt issuance totaled $992 million before deducting the underwriting discount and other debt issuance costs. The proceeds were used to redeem our 6.125 percent Senior Notes due February 1, 2020 (6.125 percent Senior Notes) for $871 million, or 102.48 percent of stated value, which included an early redemption fee of $21 million that is reflected in “other income, net” in our statement of income for the nine months ended September 30, 2019.

•In connection with the completion of the Merger Transaction, Valero Energy Corporation, the parent company, entered into a guarantee agreement to fully and unconditionally guarantee the prompt payment, when due, of the following debt issued by VLP, one of its wholly owned subsidiaries, that was outstanding as of September 30, 2020:

Effective March 31, 2020, we early applied the U.S. Securities and Exchange Commission’s (SEC’s) Final Rule Release No. 33-10762, Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities. This rule allows us to cease providing the previously required condensed consolidating financial information in our periodic reports while the senior notes issued by VLP noted above are outstanding, as VLP’s reporting obligation was suspended on January 22, 2019 in connection with the completion of the Merger Transaction.

We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (amounts in millions and currency in U.S. dollars, except as noted):


				September 30, 2020
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued (a)		Availability
Committed facilities:
Valero Revolver	$	4,000	March 2024	$	—	$	34	$	3,966
364-day Revolving Credit Facility	$	875	April 2021	$	—	n/a		$	875
Canadian Revolver	C$	150	November 2020	C$	—	C$	5	C$	145
Accounts receivable sales facility (b)	$	1,000	July 2021	$	—	n/a		$	817
Letter of credit facility	$	50	November 2020	n/a		$	—	$	50
Committed facilities of VIE (c):
IEnova Revolver	$	660	February 2028	$	550	n/a		$	110
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		$	46	n/a

(b)In July 2020, we extended the maturity date of this facility to July 2021 and decreased the facility amount from $1.3 billion to $1.0 billion. The available borrowing capacity was lower than the facility amount due to low product prices impacting the amount of eligible receivables.

In April 2020, we entered into an $875 million 364-Day Credit Agreement (the 364-day Revolving Credit Facility) with several lenders. This facility provides for a revolving credit facility in an aggregate principal amount of up to $875 million and matures 364 days from April 13, 2020.

Borrowings under this facility bear interest at the base rate or the eurodollar rate (at our election) plus an applicable rate ranging from 0.150 percent to 1.700 percent, based upon the elected interest rate type and our debt ratings from certain rating agencies. The facility requires us to pay a commitment fee accruing on the daily amount of used and unused commitments of the lenders, also based upon our debt ratings mentioned above. The interest and commitment fees under this facility are payable quarterly. The facility also requires us to pay a customary agency fee to the administrative agent. The facility contains various customary covenants and events of default.

During the nine months ended September 30, 2020, we sold $300 million of eligible receivables under our accounts receivable sales facility and repaid $400 million. During the nine months ended September 30, 2019, we sold $900 million of eligible receivables under our accounts receivable sales facility and repaid $900 million. There was no outstanding balance as of September 30, 2020 and there was $100 million outstanding as of December 31, 2019 under this facility. The interest rate on the borrowings outstanding under this facility as of December 31, 2019 was 2.387 percent.

During the nine months ended September 30, 2020, Central Mexico Terminals (as described in Note 8) amended its combined unsecured revolving credit facility (IEnova Revolver) with IEnova (defined in Note 8) to increase the facility amount from $491 million to $660 million. During the nine months ended September 30, 2020 and 2019, Central Mexico Terminals borrowed $202 million and $148 million, respectively, and had no repayments during the nine months ended September 30, 2020 and 2019 under this revolver. As of September 30, 2020 and December 31, 2019, there was $550 million and $348 million, respectively, of borrowings outstanding under this revolver and the variable interest rate was 3.958 percent and 5.749 percent, respectively.

The IEnova Revolver is available only to the operations of Central Mexico Terminals, and the creditors of Central Mexico Terminals do not have recourse against us.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Interest and debt expense	$	162	$	133	$	468	$	405
Less: Capitalized interest	19		22		58		70
Interest and debt expense, net of capitalized interest	$	143	$	111	$	410	$	335