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Andeavor to repay revolver borrowings with proceeds from new notes
By Sarah Lizee
Olympia, Wash., Dec. 14 – Andeavor intends to repay borrowings under its revolving credit facility due Sept. 30, 2020 using proceeds from an offering of dollar-denominated fixed-rate senior notes in two tranches, according to a 424B3 filing with the Securities and Exchange Commission.
As of Dec. 8, there was about $1 billion outstanding under the revolver and the interest rate was a weighted average of 3.19%.
Proceeds from the offering will also be used for general corporate purposes.
Within the past year, the company said it has used borrowings under the revolver to repay the outstanding debt of Western Refining in connection with the closing of the merger, to redeem all of the 4.25% senior notes due 2017 and for general corporate purposes.
Andeavor, formerly known as Tesoro Corp., is a San Antonio-based marketing, logistics and refining company.
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