Simpson Thacher recently represented Tesoro Corporation in its issuance and sale of $450,000,000 aggregate principal amount of 4.250% Senior Notes due 2017 and $475,000,000 aggregate principal amount of 5.375% Senior Notes due 2022. Tesoro used the proceeds from the offering to fund (i) its tender offers for any and all of its outstanding 6?% Senior Notes due 2015 and any and all of its outstanding 6½% Senior Notes due 2017 and (ii) the redemption of all such existing notes not tendered pursuant to the satisfaction and discharge provisions of the related indentures. The Firm also represented Tesoro in connection with the tender offers and redemptions. The notes offering and the tender offers were consummated on September 27, 2012, and the redemption will be completed on November 1, 2012.
Tesoro, a Fortune 150 company, is an independent refiner and marketer of petroleum products. Tesoro, through its subsidiaries, operates seven refineries in the western United States with a combined capacity of approximately 675,000 barrels per day. Tesoro’s retail-marketing system includes over 1,375 branded retail stations, of which nearly 590 are company operated under the Tesoroâ, Shellâ and USA Gasoline™ brands.
The Simpson Thacher team for the transaction included Kenneth Wallach, Ryan Bekkerus, Justin Cooke, Frank Kwok, Louie Pastor, A. Reid Monroe-Sheridan, Erik Wang and Bennett Surajat (Capital Markets), Jonathan Cantor and Chang Won Choi (Tax), Adeeb Fadil (Environmental), David Rubinsky, Samantha Shipp and Jennifer Pepin (Executive Compensation and Employee Benefits), and Michael Naughton (Antitrust).
