31 Valero had $2.7 billion in payment and equivalents and $3.95 billion for a valero unsecured refinancing facility of $4.05 billion and $109 million for a $150 million unsecured revolving credit facility maturing in March 2024 and November 2019 respectively. In addition, at the end of March, $1.2 billion was available for the $1.3 billion debt capacity for the company`s debt credit facility maturing in July 2019. We consider Valero`s liquidity to be excellent relative to short-term bond maturities. As of March 31, the company announced long-term debt of $9.1 billion and short-term debt of $1.1 billion. The next significant maturity of long-term debt is $850 million, maturing in 2020. The remaining maturities for the leading bonds are spread between 2025 and 2045, with the company`s $300 million of bonds maturing in 2040. JpMorgan Chase Bank NA and Citibank NA also acted as common lead arrangers and common books of the deal. For wedding-related name changes, please send a copy of your marriage certificate to Valero. If you have had a name change following a divorce, please provide Valero with a copy of the final divorce decree, including any transaction agreement and other relevant documents. Our BBB rating from Valero Energy, the world`s largest independent oil refinery, is based on its competitive advantages, large size and throughput capacity, including 15 operating refineries, 8 of which are located on the U.S. Gulf Coast, low debt and leverage, and low debt/complexity capacity, leading to a narrow economic rating, as the morningstar Equity Research Group has assigned. In addition to refinery refineries and premium wholesale stores, Valero operates 14 U.S. ethanol plants and has Midstream facilities, all integrated into its refineries.
These attributes help to compensate for a high product concentration and high cycosity, which leads to a moderate commercial risk score. Valero has improved its portfolio in recent years by selling two East Coast refineries and pipeline asset shares and redeploying products to purchase two high-level refineries in the United Kingdom and the Gulf Coast capable of serving export markets. In addition, the company continues to monitor investments in logistics facilities, including pipelines and terminals, to increase export and wholesale volumes to Mexico and Peru. Valero has excellent credit ratios with a gross leverage of 1.8 times and net leverage of 1.3 times at the end of the March quarter. The debt-to-complexity ratio per barrel is approximately $245, well below the average for the company`s North American refining peers. We expect revenue growth of 3% per annum and an EBITDA margin of 5.4% in 2018 to about 6% in 2022, as the company benefits from increased capacity and scale. After the investments, we estimate that Valero has sufficient cash flow to distribute 40-50% of dividends and share repurchases to shareholders by 2022. As demand for the company`s products declined, Valero began reducing the amount of crude oil processed at most refineries in late March and early April. In addition, various gasoline generators and eight ethanol plants were temporarily closed, jet fuel production was curbed and the amount of corn raw material processed at the company`s six remaining ethanol plants was reduced, Valero said in the April 13 notification.