Tesoro plans revolver increase to $900 million with acquisition

By Sara Rosenberg

New York, Oct. 20 – Tesoro Logistics LP plans on expanding its revolving credit facility to $900 million and extending the maturity to five years in connection with its acquisition of QEP Field Services LLC from QEP Resources Inc., according to an 8-K filed with the Securities and Exchange Commission on Monday.

About $210 million is expected to be drawn under the revolver.

Other funds for the transaction are expected to come from $1.3 billion of senior notes and an equity offering of $1.3 billion common units.

The acquisition is valued at about $2.5 billion.

Closing is expected in the fourth quarter.

Tesoro is a San Antonio-based owner, operator, developer and acquirer of crude oil and refined products pipelines, terminals, tankage, and other transportation and logistics assets.

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