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Tesoro Pete completes consent solicitation for 8% notes
New York, March 29 - Tesoro Petroleum Corp. (Ba3) said that it has successfully completed its previously announced solicitation to amend the indenture governing its 8% senior secured notes due 2008 and to amend its credit and guaranty agreement relating to its senior secured term loans due 2008.
The consent solicitation expired as scheduled at 5 p.m. ET on March 26, without extension.
As previously announced, Tesoro, a San Antonio, Texas-based energy refiner and marketer, said on March 15 that it had begun soliciting consents to amend the indenture relating to its $375 million of outstanding 8% notes, and to amend its credit and guaranty agreement relating to its senior secured term loans due 2008.
It said the consent solicitation would expire at 5 p.m. ET on March 26.
Tesoro said it was seeking to amend the notes' indenture to exempt all repayments that may be made with respect to its $300 million of 9% senior subordinated notes due 2008 from the restrictions in the indenture and credit and guaranty agreement.
It said that effectiveness of the amendments would be conditioned upon the company receiving the consent of holders of not less than a majority of the outstanding principal amounts of each security.
Tesoro also noted at that time that it has repaid more than $500 million of debt since closing on the acquisition of the Golden Eagle refinery in May 2002, citing the combination of strong operating results in 2003 and solid capital discipline. The company said it expects that the improved industry conditions should continue into 2004 and is committed to further reducing debt from free cash flow.
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