Husky Energy has closed the sale of its 12 000 bpd Prince George Refinery to Tidewater Midstream and Infrastructure for US$215 million in cash, plus a closing adjustment of approximately US$53.5 million.
Proceeds of the sale will be used in accordance with Husky’s funding priorities, which include maintaining the strength of the balance sheet and returning value to shareholders through a sustainable cash dividend.
The transaction includes a contingent payment to Husky of up to US$60 million over two years. The company has entered into a five-year offtake agreement with Tidewater for refined products from the refinery, located in Prince George, British Columbia, Canada.
TD Securities Inc. acted as financial advisor for the sale, with Torys LLP as legal advisor.
Read the article online at: https://www.hydrocarbonengineering.com/refining/05112019/husky-energy-closes-sale-of-prince-george-refinery/