Loan & DebtMay 14, 2026, 04:17 PM
Par Pacific Subsidiary Closes $500M Notes Offering, Boosts ABL to $1.8B
AI Summary
Par Pacific Holdings, Inc. announced that its subsidiary, Par Petroleum, LLC, closed a private placement of $500 million in 7.375% senior unsecured notes due 2034. Concurrently, the company increased lender commitments under its senior secured asset-based revolving credit facility to $1.8 billion and extended its maturity to 2031. The funds from the notes offering, along with cash and ABL borrowings, were used to repay and terminate Par Petroleum's term loan due 2030, enhancing the company's financial flexibility.
Key Highlights
- Par Petroleum closed a private placement of $500 million in 7.375% senior unsecured notes due 2034.
- The senior secured asset-based revolving credit facility (ABL) lender commitments increased to $1.8 billion.
- The maturity date of the ABL Credit Facility was extended to 2031.
- Net proceeds from the offering, cash on hand, and ABL borrowings were used to repay Par Petroleum's term loan due 2030.