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SAN ANTONIO -- Independent refiner-marketer Tesoro Petroleum Corp., which had been struggling financially and was once rumored to be teetering on bankruptcy, yesterday announced it had given notification to its creditors that it is repaying the term loan portion of its credit facility. The amount of debt to be repaid is approximately $125 million and will be completed within three business days.
"As a result of this debt repayment, we have substantially met our $500-million debt-reduction goal that was established after the acquisition of the Golden Eagle refinery," said Bruce Smith, chairman, president and CEO of Tesoro. "Continued debt reduction remains our top financial priority."
San Antonio-based Tesoro operates six refineries in the United States with a combined capacity of nearly 560,000 barrels per day. Tesoro's retail marketing system includes approximately 575 branded retail stations, of which more than 200 are company operated under the Tesoro and Mirastar brands.