Tesoro Logistics has raised $273 million in a sale of shares in an initial public offering, Reuters reports. The unit of oil refiner Tesoro sold 13 million common units at $21 each.
It had originally planned to sell 12.5 million units at between $19 and $21 a share. The company intends to use the proceeds for general working capital, debt payments and cash payouts to Tesoro to reimburse for various contributions on Tesoro Logistics assets.
Click here for the story from Reuters.
Click here for additional coverage from The Wall Street Journal.
