Tesoro Logistics gets $500 million amended and restated revolver

By Sara Rosenberg

New York, Jan. 7 - Tesoro Logistics LP closed on its $500 million amended and restated revolving credit facility due Dec. 31, 2017, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Pricing on the revolver is initially set at Libor plus 225 basis points with a 37.5 bps unused fee. The spread can range from Libor plus 175 bps to 275 bps and the unused fee can range from 37.5 bps to 50 bps, based on leverage.

The facility has a $150 million accordion feature.

Covenants include consolidated EBITDA to consolidated interest charges, consolidated funded debt to consolidated EBITDA and senior consolidated funded debt to consolidated EBITDA ratios.

Bank of America is the administrative agent on the deal that was completed on Jan. 4.

Proceeds were used to replace a $300 million revolver and are available to support the company's purchase of Chevron Pipe Line Co.'s Northwest Products System for $400 million.

Tesoro Logistics is a San Antonio-based owner, operator, developer and acquirer of crude oil and refined products logistics assets.

© 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.