Daily News: January 9, 2013

JPMorgan Agents $4B Tesoro Amendment


According to SEC filings, independent petroleum refiner Tesoro amended it credit agreement with a syndicate of banks led by JPMorgan Chase as administrative agent. The amendment allows for the company to increase the amount of its credit facility to an aggregate of $4 billion, from its current revolving capacity of $1.85 billion, subject to receiving increased commitments from members of the lending group.

In a separate filing, Tesoro subsidiary, Tesoro Logistics, said it entered into an amended senior secured revolving credit agreement with a syndicate of banks led by Bank of America, as administrative agent.
The amendment increases total revolving loan availability from $300 million to $450 million and permits Tesoro to request increases in availability up to an aggregate of $650 million, subject to receiving increased commitments from the lenders. Merrill Lynch and Citigroup Global Markets acted as joint-lead arrangers and joint book managers.