PBF To Acquire Sunoco Refinery for $200M

PBF Holding Company LLC and its subsidiary, Toledo Refining Company LLC have entered into an agreement to acquire the 170,000 barrel per day Toledo, Ohio refinery and related assets from Sunoco, Inc.. 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. In the event that the refinery exceeds certain profitability thresholds there is a participation payment of up to $125 million. The transaction is expected to close in the first quarter of 2011. PBF's principal owners are The Blackstone Group BX and First Reserve Corporation.