Andeavor to redeem 6.25% notes, repay revolver debt via new issue

By Sarah Lizee

Olympia, Wash., Nov. 28 – Andeavor Logistics LP intends to redeem its 6.25% senior notes due 2022 and repay about $26 million of debt under its revolving credit facility due Jan. 29, 2021 using proceeds from a new issue, according to a 424B3 filing with the Securities and Exchange Commission.

The company said it plans to offer series A fixed-to-floating rate cumulative redeemable perpetual preferred units.

As of Nov. 24, there was about $505 million outstanding under the revolver and the interest rate was a weighted average of 3.19%.

The company said that within the last year, borrowings under the revolver were used for general partnership purposes, to repay the outstanding debt of Western Refining Logistics, LP in connection with the closing of the merger, and to pay the consideration in connection with the Anacortes asset acquisition.

Proceeds from the new offering will also be used for general partnership purposes.

Andeavor is a San Antonio-based marketing, logistics and refining company.

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