Debt and Notes Payable – Related Party

3 Months Ended

Mar. 31, 2017


5.	DEBT AND NOTES PAYABLE – RELATED PARTY

Debt

There was no significant activity related to our debt during the three months ended March 31, 2017 and 2016.

We have a $750.0 million senior unsecured revolving credit facility agreement (the Revolver) that matures in November 2020. We have the option to increase the aggregate commitments under the Revolver to $1.0 billion, subject to certain restrictions. The Revolver also provides for the issuance of letters of credit of up to $100.0 million. Borrowings on the Revolver bear interest at a variable rate, which was 2.3125 percent as of March 31, 2017 and December 31, 2016.

Notes Payable – Related Party

There was no activity in our two subordinated credit agreements with Valero (the Loan Agreements) for the three months ended March 31, 2017 and 2016. Borrowings on the Loan Agreements bear interest at a variable rate, which was 2.284 percent and 2.270 percent as of March 31, 2017 and December 31, 2016, respectively.