Calumet Specialty Products Partners, L.P. Announces Completion of Divestiture of Superior Refinery

Source Press Release
Company Calumet Specialty Products Partners, L.P.Husky Energy Inc. 
Tags Asset Deals, Deals, Refining & Marketing Activities
Date November 08, 2017

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), a leading independent producer of specialty hydrocarbon and fuels products, today announced at it has completed the sale of its Superior, Wisconsin Refinery ("Superior Refinery") and various related assets for a total consideration of $492 million.  The total consideration included the sale price of $435 million, and an additional $57 million for net working capital, inventories, and reimbursement of certain capital spending.  The cash consideration is subject to certain purchase price adjustments relating to, among other things, final net working capital adjustments.

The benefits of the transaction:

  • Accretive to 2017 and 2018 cash flows
  • Reduces leverage profile
  • Decreases earnings volatility
  • Decreases exposure to capital intensive fuels business
  • Lowers go-forward obligation under the Renewable Fuel Standard
  • Moves Calumet closer to its vision to become the premier specialty petroleum products company

The Company will discuss its pro-forma financials excluding the historical impact of the Superior Refinery during its scheduled third quarter earnings call at 9:00 AM ET on November 10, 2017.

Source: EvaluateEnergy® ©2018 EvaluateEnergy Ltd