Tesoro Logistics to borrow under revolver to fund asset purchase

By Tali Rackner

Norfolk, Va., July 1 – Tesoro Logistics LP plans to draw under its revolving credit facility to fund a portion of its acquisition of storage and terminal assets in Alaska owned by subsidiaries of Tesoro Corp., according to a press release.

The roughly $444 million purchase is expected to close in two stages.

The first stage, $266 million for the storage assets, includes $239 million of revolver borrowings. This closed on July 1.

The second stage, $178 million for the terminal assets, includes $160 million of cash, which will be funded with the facility draw. This stage is expected to close in the third quarter.

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

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