Tesoro borrows $360 million on revolver to acquire storage assets

By Marisa Wong

Morgantown, W.Va., Nov. 21 – Tesoro Logistics LP said it used $360 million of cash financed with borrowings on its revolving credit facility to help fund its acquisition of terminalling and storage assets in Martinez, Calif., from Tesoro Corp.

The total consideration for the Northern California assets was $400 million. The remaining $40 million was paid with common and general partner units.

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

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