Tesoro $400 million five-year notes talked at 8½%-8¾%

By Paul A. Harris

St. Louis, April 3 - The price talk is 8½%-8¾% on Tesoro Petroleum Corp.'s upcoming sale of $400 million of five-year senior secured notes (BB), according to market sources.

The deal is expected to price during the week of April 7.

Goldman Sachs & Co. is the bookrunner. Banc One Capital Markets is co-manager.

The Rule 144A notes are non-callable for three years.

Proceeds will be used to repay debt under the company's senior secured credit facility.

The issuer is a San Antonio, Texas-based independent refiner and marketer of petroleum products.

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