Calumet Specialty Products to sell Superior refinery, related assets
INDIANAPOLIS — Calumet Specialty Products Partners, L.P., an independent producer of specialty hydrocarbon and fuels products, announced that it has signed definitive agreements to sell the ownership of its Superior, Wisconsin refinery and various related assets to Husky Superior Refining Holding Corporation, a wholly owned unit of Husky Energy.
Under the agreement, Husky has agreed to pay $435 MM in cash plus an additional payment for net working capital, inventories, and reimbursement of certain capital spending. Had the transaction closed on June 30, the additional payment would have been $61.5 MM.
The transaction is subject to customary closing conditions and regulatory approvals. Tudor, Pickering, Holt & Co. is serving as the exclusive financial advisor on this transaction to Calumet. Kirkland and Ellis LLP acted as legal advisor.
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