Debt (Tables)

6 Months Ended

Jun. 30, 2014

Our total debt balance at June 30, 2014 and December 31, 2013 was as follows (in millions):



	June 30, 2014		December 31, 2013
Total debt (a)	$	3,061	$	2,829
Less: Current maturities	6		6
Debt, less current maturities	$	3,055	$	2,823

________________


(a)	Total debt related to TLLP, which is non-recourse to Tesoro, except for TLGP, was $1.4 billion and $1.2 billion at June 30, 2014 and December 31, 2013, respectively.

Schedule of Line of Credit Facilities

We had available capacity under our credit facilities as follows at June 30, 2014 (in millions):



	Total Capacity		Amount Borrowed as of June 30, 2014		Outstanding Letters of Credit		Available Capacity		Expiration
Tesoro Corporation Revolving Credit Facility (a)	$	3,000	$	—	$	742	$	2,258	January 4, 2018
TLLP Revolving Credit Facility	575		228		—		347		December 31, 2017
Term Loan Credit Facility	398		398		—		—		May 30, 2016
Letter of Credit Facilities	1,837		—		429		1,408
Total credit facilities	$	5,810	$	626	$	1,171	$	4,013

________________


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

As of June 30, 2014, 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)	0.16%	1.50%	3.25%	0.50%	0.375%
TLLP Revolving Credit Facility ($575 million) (c)	0.16%	2.50%	3.25%	1.50%	0.50%
Term Loan Credit Facility ($398 million) (b)	0.16%	2.25%	3.25%	1.25%	—%

________________

(b)

We can elect the interest rate to apply to the 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 on the Revolving Credit Facility varies primarily based upon our credit ratings. Letters of credit outstanding under the Revolving Credit Facility incur fees at the Eurodollar margin rate.

(c)

TLLP has the option to elect if the borrowings will bear interest at either, a base rate plus the base rate margin or a Eurodollar rate, for the applicable period, 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. Letters of credit outstanding under the Revolving Credit Facility incur fees at the Eurodollar margin rate.