New Issue: Par Pacific prices $105 million 12 7/8% secured notes due January 2026 at 97.5

By Paul A. Harris

Portland, Ore., May 27 – Par Pacific Holdings, Inc. priced a $105 million issue of 12 7/8% senior secured notes due Jan. 15, 2026 (B1/BB-) at 97.5 to yield 13.511% in a Wednesday drive-by, according to an informed source.

Goldman Sachs & Co. LLC was the bookrunner.

The coupon came on top of coupon talk. The issue price came at the rich end of price talk in the 97 area.

The issuing entities were Par Petroleum, LLC and Par Petroleum Finance Corp.

The Houston-based owner-operator of energy, infrastructure and retail businesses plans to use the proceeds for general corporate purposes.

Issuers:	Par Petroleum, LLC and Par Petroleum Finance Corp.
Amount:	$105 million, increased from $100 million
Maturity:	Jan. 15, 2026
Securities:	Senior secured notes
Bookrunner:	Goldman Sachs & Co. LLC
Coupon:	12 7/8%
Price:	97.5
Yield to maturity:	13.511%
First call:	July 15, 2023 at 106.438
Special call:	Issuer may redeem up to 35% of the notes at 106.438 during the first 120 days with proceeds from any loan received pursuant to the Coronavirus Aid, Relief, and Economic Security (CARES) Act
Equity clawback:	35% at 112.875 until July 15, 2023
Trade date:	May 27
Settlement date:	June 5
Ratings:	Moody's: B1
	S&P: BB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	12 7/8% coupon at 97 area
Marketing:	Drive-by

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