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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.
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