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Par Pacific Holdings closes $358M acquisition of US Oil & Refining


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Par Pacific Holdings closes $358M acquisition of US Oil & Refining

Par Pacific Holdings Inc. announced Jan. 14 that it closed the previously announced acquisition of privately held downstream business U.S. Oil & Refining Co. for $358 million.

As part of the transaction, Par Pacific will acquire a 42,000-barrel-per-day refinery near Tacoma, Wash., a marine terminal, a rail loading terminal, and 2.9 million barrels of refined product and crude oil storage.

The deal was financed with available liquidity, proceeds from a $250 million Term Loan B issuance, a $45 million Par Pacific term loan funded by Bank of Hawaii, and the issuance of approximately 2.4 million shares of Par Pacific common stock to the seller of U.S. Oil.

Par Pacific CEO William Pate said the deal balances the company's Pacific and mainland market exposure and will be immediately accretive to its 2019 earnings and cash flow.