Tesoro Slides 2%; Proposes Offering of $925 Mln in Registered Notes


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Tesoro Corp. ( TSO ) is down 2.0% at $39.55, but above a day's low of $39.33, after it today said it is proposing to offer in a registered offering $925 mln aggregate principal amount of senior unsecured notes due 2017 and senior unsecured notes due 2022.

The company intends to use the net proceeds from the offering, together with cash on hand, to fund its cash tender offers for the repurchase of any and all of its outstanding 6 5/8% Senior Notes due 2015 and 6 1/2% Senior Notes due 2017.

TSO trades in a 52-week range of $17.43 - $41.50. Shares have increased 68% in the last 12 months.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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