Par Pacific gives results of tender offers for notes due 2025, 2026

By Marisa Wong

Los Angeles, Feb. 24 – Par Pacific Holdings, Inc. announced the final results of the Feb. 15 cash tender offers by Par Petroleum, LLC and Par Petroleum Finance Corp. for any and all of their $281 million outstanding 7¾% senior secured notes due 2025 (Cusips: 69889MAA0, U7025WAA0) and $31,314,000 of outstanding 12 7/8% senior secured notes due 2026 (Cusips: 69889MAB8, U7025WAC6).

As of 5 p.m. ET on Feb. 23, the expiration of the offers, holders had tendered an aggregate of $260,587,000, or about 92.74%, of the 2025 notes and $29,038,000, or about 92.73%, of the 2026 notes. In addition, $270,000 of the 2025 notes were tendered subject to guaranteed delivery procedures, according to a Friday press release.

Subject to the offers’ financing condition, Par Pacific expects to accept for payment all notes tendered prior to the expiration time and all notes properly delivered under guaranteed delivery procedures and expects to make payment for all such notes on Feb. 28.

The guaranteed delivery date is 5 p.m. ET on Feb. 27.

As previously reported, the companies are offering a total cash consideration of $1,021.20 per $1,000 principal amount of 2025 notes and $1,090.44 per $1,000 principal amount of 2026 notes, in each case plus accrued interest to the settlement date.

The issuers have exercised their optional redemption rights for any notes that remain outstanding after settlement. The redemption date will be March 17.

The offers are being funded by a portion of the net proceeds from the issuers’ concurrent entry into a private senior secured term loan B due 2030. The offers are conditioned upon the issuers having raised at least $550 million in proceeds from that loan.

D.F. King & Co., Inc. is the information agent for the offer (877 732-3617, 212 269-5550, par@dfking.com).

Wells Fargo Securities, LLC is the dealer manager (866 309-6316, 704 410-4756).

Par Pacific is a Houston-based owner-operator of energy, infrastructure and retail businesses.

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