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Tesoro Logistics is offering 5 million units — worth at least $295 million at current prices — for sale.
The crude oil and refined products pipeline and storage company announced the sale in a news release after markets closed Tuesday. Tesoro Logistics closed at $59.30 a unit Tuesday. The offering will be managed by Citigroup and Deutsche Bank Securities. Tesoro Logistics currently has nearly 103 million outstanding common units.
Tesoro Logistics said the money will be used to repay debt tied to its revolving line of credit and to take care of general partnership purposes. According to the company’s yearly filing for 2016, the company had $330 million in debt from its revolving credit facility, which is worth $600 million. Tesoro Logistics’ total debt stands above $4.1 billion.
Tesoro Logistics was formed in 2010 as a limited partnership by San Antonio-based Tesoro Corp., an oil and gas refining company, to manage its pipeline and storage business.
Tesoro Corp. announced in November that it was buying Western Refining in a purchase that, when completed, would make Tesoro the fifth-largest refiner in the U.S.
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