By Paul A. Harris
Portland, Ore., Dec. 12 – Par Pacific Holdings, Inc. priced a $300 million issue of 7¾% eight-year senior secured notes (B1/BB-) at 99.272 to yield 7 7/8% on Tuesday, according to market sources.
The yield printed tight to initial guidance in the 8% area.
BofA Merrill Lynch was the left bookrunner. Goldman Sachs & Co. was the joint bookrunner.
The Houston-based company plans to use the proceeds to repay bank debt, as well as to repay the forward sale amount under supply and offtake agreements with J. Aron & Co. LLC, and for general corporate purposes.
Par Pacific owns, manages and maintains interests in energy and infrastructure businesses.
| Issuers: | Par Petroleum, LLC and Par Petroleum Finance Corp.
|
| Amount: | $300 million
|
| Maturity: | Dec. 15, 2025
|
| Securities: | Senior secured notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunner: | Goldman Sachs & Co.
|
| Senior co-manager: | KeyBanc Capital Markets
|
| Co-managers: | Tudor Pickering Holt & Co., Seaport, Cowen & Co., Mizuho
|
| Coupon: | 7¾%
|
| Price: | 99.272
|
| Yield: | 7 7/8%
|
| Spread: | 556 bps
|
| First call date: | Dec. 15, 2020
|
| Trade date: | Dec. 12
|
| Settlement date: | Dec. 21
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Initial guidance: | 8% area
|
| Marketing: | Roadshow
|
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