Tesoro Logistics LP Announces Pricing of $750 Million of Senior Notes
SAN ANTONIO - November 29, 2016 - Tesoro Logistics LP (NYSE: TLLP) today announced that it, together with its wholly-owned subsidiary, Tesoro Logistics Finance Corp. (together with TLLP, the "Issuers"), has finalized the terms of its previously announced Senior Notes offering. The Issuers will issue $750 million aggregate principal amount of 5.25% Senior Notes due 2025 (the "notes"). The notes will be issued to the public at an offering price of 100.000% of the principal amount thereof, plus accrued interest from December 2, 2016.
Subject to customary closing conditions, TLLP anticipates that the offering will be completed on December 2, 2016. TLLP intends to use the gross proceeds of the offering of the notes to repay amounts outstanding under its dropdown credit facility. TLLP intends to pay fees and expenses related to the offering of the notes from cash on hand.
RBC Capital Markets, LLC, BNP Paribas Securities Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., PNC Capital Markets LLC and TD Securities (USA) LLC are acting as joint bookrunning managers for the offering. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting RBC Capital Markets, LLC by telephone at 1-877-280-1299 or at the following address: RBC Capital Markets, LLC, Attention: High Yield Capital Markets, Three World Financial Center, 200 Vesey Street, 8th floor, New York, New York 10281-8098. An electronic copy of the prospectus is available from the Securities and Exchange Commission's website at http://www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any of these securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
About Tesoro Logistics LP
Tesoro Logistics LP is a leading full-service logistics company operating primarily in the western and mid-continent regions of the United States. TLLP owns and operates a network of crude oil, refined products and natural gas pipelines. TLLP also owns and operates crude oil and refined products truck terminals, marine terminals and dedicated storage facilities. In addition, TLLP owns and operates natural gas processing and fractionation complexes. TLLP is a fee-based, growth oriented Delaware limited partnership formed by Tesoro Corporation and is headquartered in San Antonio, Texas.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify forward-looking statements by the use of words such as "may," "should," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "'plans," "expects," "future" and "intends" and similar expressions which are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond TLLP's control and difficult to predict. In evaluating forward-looking statements, you should carefully consider the risks and uncertainties described in the "Risk Factors" section or other sections in TLLP's Annual Report on Form 10-K for the year ended December 31, 2015 and the prospectus in connection with the offering, in each case as filed with the Securities and Exchange Commission. All forward-looking statements attributable to TLLP or persons acting on TLLP's behalf are expressly qualified in their entirety by these cautionary statements and risk factors. Forward-looking statements contained in this press release reflect the TLLP's view only as of the date of this press release. TLLP undertakes no obligation to publicly release the result of any revisions to any such forward-looking statements that may be made to reflect events or circumstances that occur, or which we become aware of, after the date hereof.
Evan Barbosa, Investor Relations Manager, 210-626-7202
Tesoro Media Relations, email@example.com, 210- 626-7702