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Tesoro calls 9% notes
New York, June 1 - Tesoro Petroleum Corp. (B3/B) said it is calling its $297.5 million of outstanding 9% senior subordinated notes due 2008 for redemption. The company originally issued $300 million of the notes in June 1998.
Tesoro, a San Antonio, Texas-based petroleum refiner and marketer, will redeem the notes on July 1, paying a call premium over the face amount of 3%, plus accrued interest.
The company also announced that it has successfully amended its revolving credit facility to increase total capacity by $150 million to $650 million, and extend the term by one year to June 2007. The amendment also gives Tesoro the ability to borrow, if necessary, up to $100 million on the revolver to prepay subordinated debt.
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