(Updates with stock price, additional background throughout)
DOW JONES NEWSWIRES
Tesoro Corp. (TSO) plans to offer $300 million in 10-year senior
unsecured notes, with the refiner planning to use the proceeds for
things including debt refinancing.
Numerous companies have been selling stock and/or notes to pay
off or refinancing debt as investors show increased interest in
such securities. Tesoro as of March 31 had $1.55 billion in
debt.
The sale comes as oil and refined-product demand falls amid the
recession. Some refineries in the U.S. may close permanently as a
result of the ongoing weakness.
The U.S.'s third-largest refiner by capacity said last month it
swung to a first-quarter profit, though revenues, prices and demand
continued to slump.
Tesoro shares recently were up 0.9% at $17.67. The stock has
more than doubled since November.
-By Tess Stynes, Dow Jones Newswires; 201-938-2473;
tess.stynes@dowjones.com