Tesoro Logistics $150 million revolver priced at Libor plus 250 bps

By Sara Rosenberg

New York, April 29 - Tesoro Logistics LP's new $150 million three-year senior secured revolving credit facility is priced at Libor plus 250 basis points, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Pricing can range from Libor plus 250 bps to 325 bps based on leverage.

Bank of America acted as the lead arranger, bookrunner and administrative agent on the deal that was completed on April 26.

Financial covenants include a consolidated leverage ratio and an interest coverage ratio.

There is a $150 million accordion feature.

Proceeds will be available to fund working capital and to finance acquisitions and other capital expenditures.

The revolver was obtained in connection with the company's initial public offering of common units, the proceeds of which were used for general partnership purposes and to make a cash distribution to Tesoro Corp.

Tesoro Logistics is a San Antonio-based limited partnership recently formed by Tesoro to own, operate, develop and acquire crude oil and refined products logistics assets.

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