Calumet Specialty buys Texas refinery for $115M

Calumet Specialty Products Partners LP said Monday that it is buying NuStar's San Antonio, Texas, refinery assets for about $115 million.

Bill Grube, CEO of Indianapolis-based Calumet, said the acquisition will expand the refiner's geographic reach and provide it with a facility near the Eagle Ford Shale formation in southern Texas.

Calumet said the transaction includes the refinery and related crude-oil pipeline, crude-oil terminal, other operating and logistics assets, and inventories of NuStar Refining LLC and NuStar Logistics LP.

NuStar Refining and NuStar Logistics are subsidiaries of NuStar Energy LP.

Calumet said that it plans to finance the transaction with available cash and borrowings under its senior secured revolving credit arrangement.

The deal is expected to close in January.

Calumet has made a flurry of acquisitions worth more than $1 billion in the past 14 months.
 

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: IBJ is now using a new comment system. Your Disqus account will no longer work on the IBJ site. Instead, you can leave a comment on stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Past comments are not currently showing up on stories, but they will be added in the coming weeks. Please note our updated comment policy that will govern how comments are moderated.