Foley Reps Sunoco In $400M Ohio Refinery Sale

Law360, New York (December 2, 2010, 7:25 PM EST) -- Sunoco Inc. on Thursday announced an agreement to sell a Toledo, Ohio, refinery to a unit of PBF Holding Co. LLC for $400 million as part of an effort to shift resources toward its logistics and retail businesses.

Under the terms of the deal, PBF's Toledo Refining Co. LLC subsidiary will pay Sunoco $200 million in cash plus a $200 million two-year note for the Ohio refinery, which handles roughly 170,000 barrels per day, Sunoco said.

The definitive agreement also includes a participation payment of up...
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