Tesoro cuts spread on $1.85 billion ABL revolver to Libor plus 175 bps

By Sara Rosenberg

New York, March 7 - Tesoro Corp. lowered pricing on its $1.85 billion ABL revolving credit facility to Libor plus 175 basis points from Libor plus 200 bps, according to a market source.

J.P. Morgan is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

Tesoro is a San Antonio-based petroleum refiner.

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