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Par Pacific Unit Closes $500 Million Private Placement of 7.375% Senior Notes

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Par Pacific Holdings (PARR) said Thursday its Par Petroleum subsidiary closed a private placement of $500 million of 7.375% senior unsecured notes due 2034.

The company used the net proceeds, along with cash on hand and borrowings under its asset-based revolving credit facility, to repay all outstanding borrowings and terminate Par Petroleum's term loan due 2030.

Par Pacific also increased lender commitments under its senior secured asset-based revolving credit facility to up to $1.8 billion and extended the facility's maturity to 2031.

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