Tesoro Ticks Up

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Tesoro Ticks Up

Levels for Tesoro Petroleum Corp.'s bank debt ticked up in the secondary loan market last week as the paper rose from the low 90s into the 95-97 range. Traders said no paper changed hands. One trader suggested the name was climbing on the back of Premcor, a St. Louis-based company that is currently pursuing an acquisition of the Williams Company's Memphis refinery. In addition, crack spreads have held their ground, he added. Tesoro's $1.275 billion credit facility is led by Lehman Brothers. Calls to Sharon Layman, Tesoro v.p. and treasurer, were not returned by press time.

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