Valero Signs Agreement to Sell Paulsboro Refinery for $360 Million and Working Capital, Inventories

A subsidiary of Valero Energy Corporation VLO announced today it has signed an agreement to sell the ownership of its 185,000 bpd Paulsboro refinery to PBF Holding Company LLC, a wholly owned subsidiary of PBF Energy Company LLC. The net sale price is approximately $360 million plus the value of net working capital and inventories, currently estimated to be $275 million. Consideration for the $360 million sale price consists of $180 million in cash at closing and a note in the amount $180 million with a term not to exceed 18 months. The transaction is expected to close in the fourth quarter and is contingent upon regulatory and other customary approvals.