Par Pacific to launch $546 million term loan B on Monday

By Sara Rosenberg

New York, March 22 – Par Pacific (Par Petroleum) is set to hold a lender call at 11 a.m. ET on Monday to launch a $546 million covenant-lite term loan B due Feb. 28, 2030, according to a market source.

Wells Fargo Securities LLC is the left lead arranger on the deal.

Price talk on the term loan is SOFR plus 375 basis points with a 0.5% floor, an original issue discount of 99.75 for new money and a par issue price for old money, the source said.

The term loan has 101 soft call protection for six months and amortization of 1% per annum.

Commitments are due at 5 p.m. ET on Wednesday, the source added.

Proceeds will be used to reprice an existing term loan B down from SOFR+10 bps CSA plus 425 bps with a step-down to SOFR plus 400 bps at corporate ratings of Ba3/BB- with stable outlooks and a 0.5% floor.

Existing corporate ratings are Ba3/B+/B+ with stable outlooks, and existing facility ratings are B1/BB/BB-.

Par Pacific is a Houston-based refiner, marketer, transporter and distributor of crude oil.

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