Calumet to Sell Superior Refinery to Husky for $435 mn Cash

Calumet Specialty Products Partners LP (CLMT) has signed definitive agreements to sell the ownership of its refinery in Superior, Wisconsin and other related assets to Husky Superior Refining Holding Corporation, a wholly owned unit of Husky Energy (Husky). 

Husky has agreed to pay $435 million in cash. Superior refinery produces gasoline, diesel, asphalt and heavy fuel oils.

"This transaction provides both financial and strategic benefits  for our unitholders, as we further position Calumet to move forward on our stated objectives including strengthening our balance sheet, lowering our leverage, and freeing up capital resources that will allow us to better invest and fund future EBITDA enhancing growth strategies within our core specialties portfolio,” said Tim Go, CEO of Calumet.

"Equally important, we are excited to find with Husky a great home for our employees at Superior and want to thank them for their contributions to our organization over the last few years.  Their dedication and efforts have made Superior an attractive value proposition for Husky, who will retain the Superior employees and will assume the union contract and pension plan,” added Go.

Tudor, Pickering, Holt & Co is serving as the exclusive financial advisor on this transaction to Calumet. Kirkland and Ellis LLP acted as legal advisor.