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Par Pacific will draw on credit facilities for $310 million acquisition
By Mary-Katherine Stinson
Lexington, Ky., Oct. 21 – Par Pacific Holdings, Inc. announced the signing of a definitive agreement to acquire a Billings, Mont. refinery and associated marketing and logistics assets from Exxon Mobil Corp. and two subsidiaries for a base purchase price of $310 million, according to a Thursday press release.
The acquisition will be partially funded by availability under existing credit facilities and cash on hand.
Hydrocarbon inventory is expected to be financed by a new working capital facility.
The acquisition is expected to close in the second quarter of 2023 subject to customary closing conditions.
Par Pacific, headquartered in Houston, Tex., owns and operates energy, infrastructure and retail businesses.
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