Tesoro Logistics talks $310 million eight-year notes to yield 6%-6¼%

By Paul A. Harris

Portland, Ore., Sept. 6 - Tesoro Logistics LP and Tesoro Logistics Finance Corp. talked their $310 million offering of eight-year senior notes (B1/BB-) to yield 6% to 6¼% on Thursday, according to a syndicate source.

Books close at noon ET on Friday, and the deal is set to price thereafter.

Wells Fargo Securities LLC is the left bookrunner. Barclays and Citigroup Global Markets Inc. are the joint bookrunners.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, RBC Capital Markets and RBS Securities Inc. are the co-managers.

The Rule 144A with registration rights notes come with four years of call protection.

Proceeds will be used to fund the acquisition of Tesoro Refining and Marketing Co.'s Long Beach marine terminal and Los Angeles short-haul pipelines and to repay all of its outstanding revolver debt.

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

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