Key Developments: Tesoro Logistics LP (TLLP.N)

TLLP.N on New York Stock Exchange

53.64USD
1 Aug 2013
Price Change (% chg)

$0.15 (+0.28%)
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$53.49
Open
$53.62
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$54.40
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$53.43
Volume
10,254
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51,323
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$69.69
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$36.26

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Latest Key Developments (Source: Significant Developments)

Tesoro Logistics LP Announces Pricing Of $550 Million Of 6.125% Senior Notes
Monday, 29 Jul 2013 05:59pm EDT 

Tesoro Logistics LP announced that it has finalized the terms of its previously announced senior notes offering. The Partnership will issue $550 million aggregate principal amount of 6.125% Senior Notes due 2021. The notes will be unsecured. The Partnership anticipates that consummation of the offering will occur on August 1, 2013 and intends to use the proceeds from the offering (i) to repay the amounts outstanding under its revolving credit facility, which amounts were used to fund a portion of the Partnership's acquisition of six marketing and storage terminals located in Southern California and certain assets and properties related thereto from Tesoro Refining & Marketing Company LLC, a subsidiary of Tesoro Corporation and (ii) to pay a portion of the fees and expenses related to the offering. The notes to be offered have not been registered under the Securities Act of 1933, as amended (the Securities Act), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The notes will be offered, by the initial purchasers, only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act.  Full Article

Tesoro Logistics LP Announces Intention To Offer $300 Million Of Senior Notes
Monday, 29 Jul 2013 08:10am EDT 

Tesoro Logistics LP announced that it intends to offer $300 million aggregate principal amount of senior notes due 2021. The Partnership intends to use the proceeds from the offering to repay a portion of the amounts outstanding under its revolving credit facility, which amounts were used to fund a portion of the Partnership's acquisition of six marketing and storage terminals located in Southern California and certain assets and properties related thereto from Tesoro Refining & Marketing Company LLC, a subsidiary of Tesoro Corporation.  Full Article

Tesoro Logistics LP Announces Quarterly Distribution
Thursday, 18 Jul 2013 04:44pm EDT 

Tesoro Logistics LP announced that the declaration of its quarterly cash distribution for the second quarter 2013 of $0.51 per limited partnership unit, or $2.04 on an annualized basis. This distribution represents a 4% increase over the quarterly distribution of $0.49 per unit ($1.96 per unit on an annualized basis) paid in May 2013. In the prior four quarters, TLLP has increased its distribution to limited partners by 24%. The second quarter distribution will be paid August 14, 2013 to all unitholders of record on August 2, 2013.  Full Article

Tesoro Logistics LP's Subsidiaries Acquires Northwest Products System-Form 8-K
Wednesday, 19 Jun 2013 05:21pm EDT 

Tesoro Logistics LP reported in its Form 8-K that on June 19, 2013, Tesoro Logistics Northwest Pipeline LLC and Tesoro Logistics Operations LLC, subsidiaries of Tesoro Logistics LP (Partnership), acquired the Northwest Products System from Chevron Pipe Line Company and Northwest Terminalling Company. The Northwest Products System consists of the Northwest Product Pipeline, a 760-mile Federal Energy Regulatory Commission-regulated common carrier products pipeline extending from Salt Lake City, Utah to Spokane, Washington, a 5-mile jet fuel pipeline to the Salt Lake City International Airport, certain products terminal rights, properties, facilities and equipment located at Boise and Pocatello, Idaho and Pasco, Washington. The purchase price for the Northwest Products System was $354.8 million, which includes adjustments for working capital and is subject to post closing adjustments. The amount paid at closing was reduced by an advance deposit of $40 million, that the Partnership paid in December 2012 upon execution of the asset purchase and sale agreements. The Partnership financed the acquisition with proceeds from its offering of common units in January 2013.  Full Article

Tesoro Logistics LP Reaffirms FY 2013 EBITDA Guidance-Conference Call
Tuesday, 7 May 2013 08:30am EDT 

Tesoro Logistics LP announced that for fiscal 2013, it expects to deliver $140 million of EBITDA from existing assets.  Full Article

Tesoro Logistics LP Announces Quarterly Distribution
Thursday, 18 Apr 2013 04:17pm EDT 

Tesoro Logistics LP announced the declaration of its quarterly cash distribution for the first quarter 2013 of $0.49 per limited partnership unit, or $1.96 on an annualized basis. This distribution represents a 4% increase over the quarterly distribution of $0.4725 per unit ($1.89 per unit on an annualized basis) paid in February 2013. In the prior four quarters, TLLP has increased its distribution to limited partners by 30%. The first quarter distribution will be paid May 14, 2013 to all unitholders of record on May 3, 2013.  Full Article

Tesoro Logistics LP Reaffirms FY 2013 EBITDA Guidance-Conference Call
Wednesday, 13 Feb 2013 08:30am EST 

Tesoro Logistics LP announced that it begins fiscal 2013 with a significantly enhanced portfolio of base assets that the Company believe that it will generate annual EBITDA of about $140 million annually.  Full Article

Tesoro Logistics LP Announces Quarterly Distribution
Wednesday, 23 Jan 2013 04:32pm EST 

Tesoro Logistics LP announced the declaration of its quarterly cash distribution for the fourth quarter 2012 of $0.4725 per limited partnership unit, or $1.89 on an annualized basis. This distribution represents a 4% increase over the quarterly distribution of $0.4550 per unit ($1.82 per unit on an annualized basis) paid in November 2012. The fourth quarter distribution will be paid February 14, 2013 to all unitholders of record on February 4, 2013.  Full Article

Tesoro Logistics LP Reaffirms FY 2013 EBITDA Guidance
Monday, 7 Jan 2013 08:00am EST 

Tesoro Logistics LP announced that for fiscal 2013, it expects EBITDA from Company's current asset base remains at approximately $140 million.  Full Article

Tesoro Logistics LP Issues Q4 2012 EBITDA Guidance In Line With Analysts' Estimates-Conference Call
Friday, 16 Nov 2012 01:30pm EST 

Tesoro Logistics LP announced that for the fourth quarter of 2012, it expects to generate EBITDA between $27 million and $30 million. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $27 million for the fourth quarter of 2012.  Full Article

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