Tesoro Logistics to pay down revolver borrowings with notes proceeds

By Sara Rosenberg

New York, Sept. 4 - Tesoro Logistics LP plans to repay the roughly $118 million of outstanding debt under its revolving credit facility using proceeds from a $310 million senior notes offering, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Remaining funds from the notes will be used to fund the acquisition of Tesoro Refining and Marketing Co.'s Port of Long Beach Marine terminal and certain of its Los Angeles pipeline assets.

Tesoro Logistics is a San Antonio-based limited partnership that owns, operates, develops and acquires crude oil and refined products logistics assets.

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