Tesoro tenders for 6 5/8% notes due 2015, 6½% notes due 2017

By Jennifer Chiou

New York, Sept. 13 - Tesoro Corp. announced the launch of cash tender offers for any and all of its $450 million of outstanding 6 5/8% senior notes due 2015 and $473,215,000 of outstanding 6½% senior notes due 2017.

The company is also soliciting consents to amend the note indentures to authorize the elimination of most of the restrictive covenants and some of the events of default.

The offers will end at midnight ET on Oct. 11.

For each $1,000 principal amount, the company is offering $1,017.50 for the 6 5/8% notes and $1,035.00 for the 6½% notes, each including an early tender payment of $30.00 for those who tender prior to 5 p.m. ET on Sept. 26.

Tesoro will also pay accrued interest.

The offer is conditioned on at least $925 million of debt financing, the receipt of consents from holders of a majority of notes and the execution and delivery of a supplemental indenture.

RBS Securities Inc. is the dealer manager (877 297-9832 or call collect 203 897-4825). The depositary and information agent is Global Bondholder Services Corp. (866 389-1500).

Tesoro is a San Antonio-based refiner and marketer of petroleum products.

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