Par Petroleum amends ABL loan agreement for up to $105 million for five years

By Rebecca Melvin

Concord, N.H., Feb. 4 – Par Petroleum, LLC together with sister subsidiaries of Par Pacific Holdings Inc. entered into an amended and restated loan and security agreement maturing in five years, according to an 8-K filed with the Securities and Exchange Commission.

Par Petroleum Par Hawaii LLC, Hermes Consolidated LLC and Wyoming Pipeline Co. LLC, all wholly-owned subsidiaries of Par Pacific Holdings Inc., are also borrowers under the Feb. 2 ABL loan agreement, which provides for a revolving credit facility of up to $105 million, subject to borrowing base, and letters of credit, including a sublimit of $15 million for swingline loans and a sublimit of $65 million for the issuance of standby or commercial letters of credit.

The agreement also includes an accordion feature that would allow the ABL borrowers to increase the size of the facility by up to $50 million

The loans will bear interest at SOFR plus 125 basis points to 175 bps, depending on availability. Until April 30, the applicable margin will be 125 bps.

The maturity date of the revolving loans is Feb. 2, 2025.

Proceeds will be used to refinance existing debt, pay related fees and expenses and fund ongoing capital needs and for general corporate purposes.

Bank of America NA as administrative and collateral agent.

Based in Houston, Par Pacific owns and operates oil and gas industry and infrastructure businesses.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.