Tesoro Announces Pricing of $850 Million 4.750% Senior Notes due 2023 and $750 Million 5.125% Senior Notes due 2026
December 15 2016 - 7:12PM
SAN ANTONIO - December 15,
2016- Tesoro Corporation (NYSE:TSO) ("Tesoro") announced the
pricing of its $850 million 4.750% Senior Notes due 2023 and its
$750 million 5.125% Senior Notes due 2026 (together, the "Notes").
Subject to customary conditions, Tesoro anticipates that the
offering will be completed on December 22, 2016 and intends to use
a combination of the net proceeds from the offering of the notes,
cash on hand and borrowings under its amended revolving credit
facility to fund (i) the cash consideration and other amounts
payable in respect of its previously announced acquisition of
Western Refining, Inc., (ii) the repayment and redemption of
certain outstanding indebtedness of Western Refining, Inc. and its
subsidiaries and (iii) the payment of related fees and expenses.
There can be no assurance that the proposed offering of the Notes
will be completed.
The Notes will be sold in the United States only
to qualified institutional buyers in accordance with Rule 144A
under the Securities Act of 1933, as amended (the "Securities Act")
and outside the United States only to non-U.S. persons in
accordance with Regulation S under the Securities Act. The Notes
have not been registered under the Securities Act or the securities
laws of any other jurisdiction and may not be offered or sold in
the United States absent registration or an applicable exemption
from registration requirements.
This press release shall not constitute an offer
to sell or a solicitation of an offer to purchase any of these
securities, and shall not constitute an offer, solicitation or sale
in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful.
About Tesoro Corporation
Tesoro Corporation, a Fortune 100 company, is an
independent refiner and marketer of petroleum products. Tesoro,
through its subsidiaries, operates seven refineries in the western
United States with a combined capacity of over 895,000 barrels per
day and ownership in a logistics business, which includes an
interest in Tesoro Logistics LP (NYSE: TLLP) and ownership of its
general partner. Tesoro's retail-marketing system includes over
2,400 retail stations under the ARCO®, Shell®, Exxon®, Mobil®, USA
Gasoline(TM), Rebel(TM) and Tesoro® brands.
This press release contains
certain statements that are "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. You can identify
forward-looking statements by the use of words such as "may,"
"should," "could," "estimates," "predicts," "potential,"
"continue," "anticipates," "believes," "'plans," "expects,"
"future" and "intends" and similar expressions which are intended
to identify forward-looking statements. These forward-looking
statements include, but are not limited to, statements concerning
the completion of the notes offering and the consummation of the
merger. For more information concerning factors that could affect
these statements see our annual report on Form 10-K and quarterly
reports on Form 10-Q, filed with the Securities and Exchange
Commission (the "SEC"). We undertake no obligation to publicly
release the result of any revisions to any such forward-looking
statements that may be made to reflect events or circumstances that
occur, or which we become aware of, after the date
hereof.
Contact:
Investors:
Sam Ramraj, Vice President, Investor Relations, (210) 626-4757
Media:
Tesoro Media Relations, media@tsocorp.com, (210) 626-7702
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Tesoro Corporation via Globenewswire
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