Simpson Thacher Represents First Reserve and Blackstone in Proposed Acquisition By PBF Holding Company LLC of Sunoco, Inc.’s Toledo, Ohio Refinery
12.06.10
This is only gets display when printing
Simpson Thacher is assisting First Reserve and Blackstone in connection with the proposed acquisition by PBF Holding Company LLC, a partnership composed principally of affiliates of The Blackstone Group and First Reserve of the Toledo, Ohio refinery and related assets of Sunoco, Inc. (R&M). PBF will acquire the facility for approximately $200 million in cash and will enter into a note with the seller in the amount of $200 million. In addition to the purchase price, PBF will acquire the hydrocarbon inventory at closing and in the event that the refinery exceeds certain profitability thresholds there is a participation payment of up to $125 million. The Simpson Thacher team working on the transaction includes Bill Curbow, Ellen Rosenberg and Ariel Oxman (M&A); Mike Isby (Environmental); Brian Robbins and Aimee Adler (Executive Compensation and Employee Benefits); Nancy Mehlman and Drew Purcell (Tax); and Julie Levy (Labor).