ANCHORAGE (AP) -- Tesoro Petroleum Corp. has sold 30 of its retail outlets in four states, including Alaska, for about $41 million.
The company said about half of the money will be used to pay down debt.
Besides Alaska, the properties are in Hawaii, Idaho and Utah.
Tesoro plans to lease the properties back from the buyer, a joint venture between Skyline Pacific Properties in San Francisco and Franchise Realty Investments in Dallas.
The sale is part of a complex credit agreement tied to its $945 million purchase of the Golden Eagle refinery in 2002. Tesoro was required to sell $167 million worth of assets by year end, using $87.5 million to pay down debt.
The company also has sold service stations in California as well as its Northern Great Plains product pipeline. Altogether, Tesoro said it has sold $200 million worth of assets and has repaid nearly $140 million of debt since it made the Golden Eagle acquisition.
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