Tesoro amends loan, increasing pricing and amount of allowable debt

By Sara Rosenberg

New York, May 28 - Tesoro Corp. amended its credit facility on Thursday, raising pricing and increasing the amount of debt allowed under separate arrangements to $600 million from $75 million, according to an 8-K filed with the Securities and Exchange Commission.

Pricing on the facility can now range anywhere from Libor plus 150 basis points to 262.5 bps, based on ratings and availability.

In addition, the commitment fee under the revolver was increased to 37.5 bps from 25 bps.

The amendment also increased letters of credit allowed under separate letter-of-credit agreements to $600 million from $500 million.

JPMorgan Chase is the administrative agent on the deal.

Tesoro is a San Antonio, Texas-based refiner and marketer of petroleum products.

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