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Par Pacific sets $546 million term loan B issue price at par
By Sara Rosenberg
New York, March 27 – Par Pacific (Par Petroleum) revised the issue price on its $546 million covenant-lite term loan B due Feb. 28, 2030 to par from talk of an original issue discount of 99.75 for new money and a par issue price for old money, according to a market source.
Pricing on the term loan remained at SOFR plus 375 basis points with a 0.5% floor.
The term loan still has 101 soft call protection for six months and amortization of 1% per annum.
Wells Fargo Securities LLC is the left lead arranger on the deal.
Allocations are expected on Thursday morning, 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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