Par Pacific to repay credit facility debt with senior note proceeds

By Sarah Lizee

Olympia, Wash., Dec. 5 – Par Pacific Holdings, Inc. plans to repay debt under its existing secured credit facilities using proceeds from a new note offering, according to a press release.

The company said on Tuesday that it plans to price $300 million of senior secured notes due 2025 issued by wholly owned subsidiaries Par Petroleum, LLC and Par Petroleum Finance Corp.

Proceeds will also be used to repay the forward sale amount under supply and offtake agreements with J. Aron & Co. LLC and for general corporate purposes.

In connection with the offering, Par Petroleum and its subsidiaries expect to enter into a new $75 million asset-based secured revolving credit facility.

Houston-based Par Pacific manages and maintains interests in energy and infrastructure businesses.

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