Tesoro Will Offer $925M in Senior Notes

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Tesoro Corporation
TSO
("Tesoro") today announced that it is proposing to offer in a registered offering $925 million aggregate principal amount of senior unsecured notes due 2017 and senior unsecured notes due 2022 (together, the "Notes Offering"), subject to market conditions. Tesoro intends to use the net proceeds from the Notes Offering together with cash on hand to fund Tesoro's cash tender offers for the repurchase of any and all of its outstanding 6 5/8% Senior Notes due 2015 (the "2015 Notes") and 6 1/2% Senior Notes due 2017 (together with the 2015 Notes, the "Tender Offer Notes"). In the event that there are remaining proceeds from the Notes Offering after funding the cash tender offers, Tesoro intends to use any such remaining proceeds for general corporate purposes, which may include, without limitation, financing the retirement of any outstanding Tender Offer Notes not purchased in the cash tender offers through redemption, open market purchases or by other means, and may also include the repayment or the refinancing of other indebtedness, capital expenditures and working capital.
Posted In: NewsFinancing
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