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Par Pacific to price $100 million secured notes due January 2026 in Wednesday drive-by
By Paul A. Harris
Portland, Ore., May 27 – Par Pacific Holdings, Inc. plans to price a $100 million offering of senior secured notes due January 2026 (existing ratings B1/BB-) in a Wednesday drive-by, according to an informed source.
Goldman Sachs & Co. LLC is the bookrunner.
The Rule 144A and Regulation S for life notes come with three years of call protection. A special call provision would allow the issuer to redeem up to 35% of the notes at par plus 50% of the coupon during the first 120 days with proceeds from any loan received pursuant to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The issuing entities will be Par Petroleum, LLC and Par Petroleum Finance Corp., both wholly owned subsidiaries of Par Pacific Holdings, which intends to use the proceeds for general corporate purposes.
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