Par Pacific’s Hawaii unit closes on $120 million uncommitted revolver

Chicago, Aug. 1 – Par Pacific Holdings, Inc.’s subsidiary Par Hawaii Refining, LLC closed on a $120 million uncommitted revolving loan and letter-of-credit agreement on July 26, according to an 8-K filing with the Securities and Exchange Commission.

Par Petroleum, LLC is guaranteeing the facility.

An increase up to a maximum available amount of $350 million may be requested.

Interest will be at SOFR+10 basis points CSA plus 250 bps.

MUFG Bank, Ltd. is the administrative agent, sub-collateral agent, joint lead arranger and sole bookrunner.

Macquarie Bank Ltd. is a joint lead arranger.

U.S. Bank Trust Co., NA is a collateral agent.

The facility is linked to the receipt of funds from J. Aron & Co. LLC. The revolver would be used to make payments to a crude oil supplier when due and payable. Aron has agreed to purchase the crude oil from Par Hawaii, and fund its payment obligation under a procurement contract into a collection account under the control of MUFG Bank, Ltd. The facility will be used to bridge the time between procurement of crude oil and the receipt of payment from Aron.

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

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