The Firm recently represented Tesoro Logistics LP and Tesoro Logistics Finance Corp., as co-issuers, in connection with a Rule 144A/Regulation S offering of $350 million aggregate principal amount of 5.875% senior notes due 2020. The proceeds of the offering were used to fund the acquisition of a marine terminal and short-haul pipelines and to repay outstanding indebtedness under Tesoro Logistics’ revolving credit facility.
Tesoro Logistics is a NYSE-listed Delaware limited partnership formed by Tesoro Corporation to own, operate, develop and acquire logistics assets. Tesoro Logistics’ assets include a crude oil gathering system in the Bakken Shale/Williston Basin area of North Dakota and Montana, refined products terminals in the midwestern and western United States, marine terminals in California, and a crude oil and refined products storage facility and five related short-haul pipelines in Utah.
The Simpson Thacher team for the transaction included, Kenneth Wallach, Edgar Lewandowski, A. Reid Monroe-Sheridan and Erik Wang (Capital Markets), Jonathan Cantor and Chang Won Choi (Tax), Adeeb Fadil (Environmental) and Jeanne Annarumma and Samantha Shipp (Executive Compensation and Employee Benefits).
