Porter Hedges Represents Par Pacific in Financing its $358 Million Acquisition of U.S. Oil & Refining Co. in Washington

Porter Hedges represented Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific”) in financing its acquisition of U.S. Oil & Refining Co. and certain affiliated entities (collectively, “U.S. Oil”), a privately-held downstream business, for $358 million plus net working capital.  In connection with the closing of the acquisition, the company entered into a $250 million senior secured term loan facility and a $45 million term loan agreement, the net proceeds of which were used to pay a portion of the purchase price for U.S. Oil.  In addition, the company amended U.S. Oil’s existing structured financing arrangement regarding its crude oil and refined products inventories and associated accounts receivable.

Par Pacific’s acquisition of U.S. Oil includes a 42,000 bpd refinery, a marine terminal, a unit train-capable rail loading terminal, and 2.9 MMbbls of refined product and crude oil storage. The refinery and associated logistics system are strategically located in Tacoma, Washington and currently serve the Pacific Northwest market.

James Cowen and Joyce Soliman led the Porter Hedges team which also included Brian Rose, Janine Lundin, Adam Nalley, Thomas Boyd, Sergio Gonzalez, Joe Laurel and Chase Boswell.  Additional assistance was provided by Nick Nicholas, Jackie Moy, James Reardon, Jason Canaras and Emily Ashby.

Par Pacific Holdings, Inc., based in Houston, Texas, owns, manages and maintains interests in energy and infrastructure businesses. Par Pacific's strategy is to identify, acquire and operate energy and infrastructure companies with attractive competitive positions.

For additional information, please see the Par Pacific press release here.

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