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|Tesoro Logistics LP Announces Pricing of $700 Million of Senior Notes|
SAN ANTONIO - May 9, 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 Partnership will issue $250 million aggregate principal amount of 6.125% senior notes due 2021 and $450 million aggregate principal amount of 6.375% senior notes due 2024. The offering size of the 6.375% senior notes due 2024 was increased from $350 million as previously announced to $450 million. The 6.375% senior notes due 2024 will be issued to the public at an offering price of 100.000% of the principal amount thereof. The 6.125% senior notes due 2021 will be issued to the public at an offering price of 100.250% of the principal amount thereof, plus accrued interest from April 15, 2016.
The 6.125% senior notes due 2021 will be issued as additional notes under an indenture pursuant to which the Issuers issued $550 million aggregate principal amount of 6.125% senior notes due 2021 on August 1, 2013. These additional 6.125% senior notes due 2021 will be substantially identical to, and be treated as a single class of debt securities with, those previously issued 6.125% senior notes due 2021 under the indenture governing such notes.
Subject to customary closing conditions, TLLP anticipates that the offering will be completed on May 12, 2016. TLLP intends to use the gross proceeds of the offering of the 2021 notes to repay amounts outstanding under its dropdown credit facility. TLLP intends to use the net proceeds of the offering of the 2024 notes to repay amounts outstanding under its revolving credit facility and for general partnership purposes.
Citigroup and MUFG are acting as joint global coordinators for the offering. The offering was made only by means of a prospectus, copies of which may be obtained by contacting Citigroup by telephone at 1-800-831-9146 or at the following address: Citigroup Global Markets Inc., 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Broadridge Financial Solutions or MUFG by telephone at 1-877-649-6848 or at the following address: Mitsubishi UFJ Securities (USA), Inc., 1221 Avenue of the Americas, New York, NY 10020, Attn: Capital Markets Group. 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
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 "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could," "attempt," "appears," "forecast," "outlook," "estimate," "project," "potential," "may," "will," "are likely" and other 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, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Evan Barbosa, Investor Relations Manager, 210-626-7202
Tesoro Media Relations, firstname.lastname@example.org, 210- 626-7702