Tesoro Logistics LP, a fee-based LP recently formed by Tesoro to own crude oil and refined products logistics assets, announced terms for its IPO on Monday. The San Antonio, TX-based company plans to raise $250 million by offering 12.5 million shares at an implied midpoint of $20 per share, suggesting a market value of $610 million. Tesoro Logistics LP, which was founded in 1968 and booked $93 million in sales last year, plans to list on the NYSE under the symbol TLLP. Citi, Wells Fargo Securities and BofA Merrill Lynch are the lead underwriters on the deal, for which timing was not disclosed.
