Par Pacific Successfully Closes Acquisition of U.S. Oil & Refining Co.

HOUSTON,  /PRNewswire/ -- Par Pacific Holdings, Inc. announced that it has successfully completed its previously announced 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.

The transaction was financed with proceeds from a $250 million Term Loan B issuance, a $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 U.S. 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.

"We are pleased to close the U.S. Oil transaction, which balances our Pacific and mainland market exposure," said William Pate, President and CEO of Par Pacific. "We expect the transaction to be immediately accretive to our 2019 earnings and cash flow. We would like to take this opportunity to welcome our new colleagues to the Par Pacific organization."

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