Valero Completes Sale of Krotz Springs Refinery
Valero Energy Corporation (NYSE: VLO) announced today that it has completed the sale of its Krotz Springs, Louisiana refinery to Alon USA Energy Inc. (NYSE: ALJ) to be effective for financial reporting purposes July 1.
Valero received $333 million plus $143 million as part of an initial payment toward working capital, which will be settled with a final adjustment payment within 90 days of closing. Valero also received an earn-out provision, which the company has hedged to lock-in a value of approximately $200 million.
Valero had announced earlier this year that it would explore strategic alternatives for the Krotz Springs refinery. JPMorgan served as financial advisor to Valero in this transaction.
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