Valero issuing $1 billion in notes to repay other debt

San Antonio-based Valero Energy Corp. is expected to pay down debt with the issuance of $1 billion in new notes on Monday.

The notes will be sold to subsidiaries of Citigroup Inc. (NYSE: BLW), JPMorgan Chase & Co. (NYSE: JPM) and other investment banks.

Valero (NYSE: VLO), which announced on March 21 its intent to issue the notes, will use the $1 billion to pay off a previous note offering of $850 million, the company told investors. That payment is due in 2020.

The newest note offering has an…


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