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    Tesoro Secures Financing

    Oil company plans $450 million private debt offering to pay for acquisitions.

    SAN ANTONIO -- Tesoro Petroleum Corp., operator of approximately 100 convenience stores, said it plans a private debt offering of $450 million to help finance its purchase of a California refinery and retail outlets.

    The company, which last month announced a public offering of 20 million share to help pay for the acquisitions from Valero Energy Corp., said the debt would be offered through senior subordinated notes.

    San Antonio-based Tesoro is buying a 168,000-barrel per day refinery and 70 associated retail sites in northern California from Valero for about $1.125 billion.

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