by Paul A. Harris
St. Louis, Mo., April 3 - Tesoro Petroleum Corp. priced $450 million of senior subordinated notes due April 1, 2012 (B1/B+) Wednesday at par to yield 9 5/8%, according to a syndicate source.
Price talk was 9½%-9¾%.
Lehman Brothers ran the books on the Rule 144A offering. Co-managers were ABN Amro, Banc One Capital Markets, Credit Lyonnais and Scotia Capital.
Proceeds will be used to fund the acquisition of the Golden Eagle Refinery and 70 associated sites from Valero and for working capital
Tesoro is an independent refiner based in San Antonio, Texas.
Issuer: Tesoro Petroleum Corp
Amount: $450 million
Maturity: April 1, 2012
Type: Senior subordinated notes
Manager: Lehman Brothers
Coupon: 9 5/8%
Price: Par
Yield: 9 5/8%
Spread: 432 basis points
Call features: Callable on April 1, 2007 at 104.813, 103.208, 101.604, par on April 1, 2010 and thereafter
Equity clawback: Until April 1, 2005 for 35% at 109.625
Settlement date: April 9, 2002 (T+4)
Ratings: Moody's: B1
| Standard & Poor's: B+
|
| Rule 144A CUSIP: | 881609AK7
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
