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Par Pacific closes acquisition of US Oil & Refining Co.

Published by , Editorial Assistant
Hydrocarbon Engineering,

Par Pacific Holdings Inc. has announced that it has completed its previously announced acquisition of US Oil & Refining Co. and certain affiliated entities (US Oil), a privately held downstream business, for US$358 million plus net working capital.

The transaction was financed with proceeds from a US$250 million Term Loan B issuance, a US$45 million Par Pacific Term Loan funded by Bank of Hawaii (BOH), the issuance of approximately 2.4 million shares of Par Pacific common stock to the seller of US Oil, and available liquidity. These shares represent the initial tranche of shares issuable to the seller at closing.

Par Pacific elected not to exercise its right to issue additional shares to the seller to fund the transaction.  Additionally, the company has executed a non-binding term sheet with BOH that contemplates replacing the Par Pacific Term Loan with a newly-issued loan secured by certain unencumbered real estate assets in the State of Hawaii.

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