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    Tesoro Announces Pricing of $300M Senior Notes

    Oil company plans to use proceeds for debt repayment and capital expenditures.

    SAN ANTONIO -- Tesoro Corp. announced the pricing of its $300 million, 9.75-percent senior notes due 2019. The oil company anticipates the offering to be completed June 5, and intends to use the proceeds for general corporate purposes, including the repayment of indebtedness, capital expenditures and working capital.

    J.P. Morgan Securities Inc., Banc of America Securities LLC, Wachovia Securities and RBS acted as joint book-running managers. An electronic copy of the prospectus is available from the Securities and Exchange Commission's Web site at http://www.sec.gov.

    Tesoro is an independent refiner and marketer of petroleum products. Through its subsidiaries, the company operates seven refineries primarily in the western U.S. with a combined crude oil capacity of approximately 665,000 barrels per day. Tesoro's retail marketing system includes more than 870 branded retail stations, of which more than 380 are company operated under the Tesoro, Shell, Mirastar and USA Gasoline brands.

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