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Tesoro Expands Borrowing Under Credit Line to Up to $4 Billion

Jan. 7 (Bloomberg) -- Tesoro Corp., the independent petroleum refiner based in San Antonio, amended a credit pact to allow for as much as $4 billion in borrowings under a revolver that has a current capacity of $1.85 billion.

The debt pays interest at 1.5 percentage points more than the London interbank offered rate and is tied to ratings, the company said today in a regulatory filing. JPMorgan Chase & Co. led the financing, which expires Jan. 4, 2018.

Tesoro will repay drawn portions of the expanded line by $500 million within the first 18 months of the increase and by another $500 million within the first two years, according to the filing.

Its subsidiary, Tesoro Logistics LLP, boosted a credit line to $500 million from $300 million, with the ability to increase borrowings to $650 million, the company said in the filing. The debt comes due in Dec. 31, 2017.

An e-mail sent to Tesoro media relations wasn’t immediately answered.

In a revolving credit facility, money can be borrowed again once it’s repaid.

To contact the reporter on this story: Krista Giovacco in New York at kgiovacco1@bloomberg.net.

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net.

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