Tesoro redeems $84 million of bonds this quarter, to buy back 6¼% notes

By Tali David

Minneapolis, Nov. 3 - Tesoro Corp. announced that it repurchased $84 million of its 6.25% senior notes in the third quarter, bringing the year-to-date total redemption to $329 million. The company also said it intends to repurchase its remaining 6¼% senior notes due 2012.

Tesoro said in its third quarter release that with the buyback of the $84 million of senior notes, it reduced total debt to total capitalization to 28%, down three percentage points from the second quarter.

Year-to-date, the company said it has reduced outstanding debt by $329 million, or 18%.

Tesoro Corp. is a San Antonio-based petroleum refiner.

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