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S&P rates Tesoro notes BB-
Standard & Poor's said it assigned its BB- issue-level rating and 4 recovery rating to Tesoro Logistics LP's and Tesoro Logistics Finance Corp.'s proposed $300 million senior unsecured notes due 2021.
The recovery rating of 4 indicates an expectation of average (30% to 50%) recovery if a payment default occurs. The partnership intends to use net proceeds to reduce borrowings under its secured revolving credit facility, which it used to partially fund the cash portion of the $640 million Carson refinery acquisition from Tesoro Refining & Marketing Co. LLC, a subsidiary of parent Tesoro Corp., on June 1.
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