Valero GP Holdings LLC, a holding company of Valero Energy Corp, filed with US regulators on March 31 to offer up to $474 million in an initial public offering of units.
Terms have not been set for the offering expected to be underwritten by Lehman Brothers, according to the filing with the US Securities and Exchange Commission. Valero GP Holdings will not receive any of the offering proceeds, the filing said.
The company's only cash generating assets are its indirect ownership interests in Valero L.P., according to the prospectus.
The holding company earned $20.3 million on revenue of $37.6 million in 2005 after earning $18.4 million on revenue of $35.3 million in 2004, the filing said.
The company has applied for a New York Stock Exchange listing for the units under the symbol "VEH" VEH.N.
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