Debt (Tables)

9 Months Ended

Sep. 30, 2013

Our total debt balance at September 30, 2013 and December 31, 2012 was as follows (in millions):



	September 30, 2013		December 31, 2012
Total Debt	$	3,375	$	1,588
Less: Current maturities	11		3
Debt, less current maturities	$	3,364	$	1,585

Schedule of Line of Credit Facilities

We had available capacity under our credit agreements as follows at September 30, 2013 (in millions):



	Total Capacity		Amount Borrowed as of September 30, 2013		Outstanding Letters of Credit		Available Capacity		Expiration
Tesoro Corporation Revolving Credit Facility (a)	$	3,000	$	700	$	820	$	1,480	January 4, 2018
TLLP Revolving Credit Facility	575		—		—		575		December 31, 2017
Term Loan Credit Facility	498		498		—		—		May 30, 2016
Letter of Credit Facilities	1,562		—		934		628
Total credit agreements	$	5,635	$	1,198	$	1,754	$	2,683

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(a)	Borrowing base is the lesser of the amount of the periodically adjusted borrowing base or the agreement’s total capacity.

As of September 30, 2013, our credit facilities were subject to the following expenses and fees:



Credit Facility	30 day Eurodollar (LIBOR) Rate	Eurodollar Margin	Base Rate	Base Rate Margin	Commitment Fee (unused portion)
Tesoro Corporation Revolving Credit Facility ($3.0 billion) (b)	0.18%	1.50%	3.25%	0.50%	0.375%
TLLP Revolving Credit Facility ($575 million) (c)	0.18%	2.25%	3.25%	1.25%	0.375%

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(b)

We can elect the interest rate to apply to the Revolving Credit Facility between a base rate plus the base rate margin, or a Eurodollar rate, for the applicable term, plus, the Eurodollar margin at the time of the borrowing. The applicable margin varies based on the Revolving Credit Facility’s credit ratings. Letters of credit outstanding under the Revolving Credit Facility incur fees at the Eurodollar margin rate. We also incur commitment fees for the unused portion of the Revolving Credit Facility at an annual rate.

(c)

TLLP can elect the interest rate to apply to the TLLP Revolving Credit Facility between a base rate plus the base rate margin, or a Eurodollar rate, for the applicable term, plus, the Eurodollar margin at the time of the borrowing. The applicable margin varies based upon a certain leverage ratio, as defined by the TLLP Revolving Credit Facility. TLLP incurs commitment fees for the unused portion of the TLLP Revolving Credit Facility at an annual rate.