Par Pacific greenshoe increases 5% convertibles issue to $115 million

By Angela McDaniels

Tacoma, Wash., June 27 – The underwriters of Par Pacific Holdings Inc.’s 5% five-year convertible senior notes exercised their $15 million over-allotment option in full, increasing the size of the issue to $115 million from $100 million.

As previously reported, the company sold the convertibles at par to yield 5% with a 15.16% initial conversion premium before the open on June 16.

The deal came at the cheap end of talk for a yield of 4.5% to 5% and an initial conversion premium of 15% to 25%.

The Rule 144A deal was done via bookrunner BofA Merrill Lynch.

Proceeds are earmarked to finance a portion of the purchase price of the acquisition of Hermes Consolidated LLC, to repay $5 million of the outstanding principal amount of the term loan under the company’s delayed-draw term loan and bridge loan credit agreement and for general corporate purposes.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.