Par Pacific Holdings, Inc. reports developments for an energy company that produces and supplies conventional and renewable fuels in the western United States. Its updates commonly cover refining results, throughput, adjusted margins, capital spending, turnaround activity, liquidity and share repurchases across operations in Hawaii, the Pacific Northwest and the Rockies.
The company’s news also follows its logistics network, retail fuel and convenience brands, renewable fuels activity in Hawaii, and its ownership interest in Laramie Energy, LLC, a Western Colorado natural gas producer. Recurring announcements include quarterly earnings, conference-call schedules, debt and credit matters, refinery reliability projects, and commercial partnerships tied to transportation fuels and sustainable aviation fuel supply chains.
Par Pacific Holdings, Inc. (NYSE: PARR) has announced a private offering of $105 million in 12.875% senior secured notes due 2026. This offering is targeted at qualified institutional buyers and aims to enhance liquidity amid economic uncertainties. The Notes are secured by the Issuers' assets and expected to close on June 5, 2020. Proceeds will be utilized for general corporate purposes. CEO William Pate emphasized the importance of maintaining liquidity during the ongoing economic recovery post-COVID-19 shutdowns.
Par Pacific Holdings, Inc. (NYSE: PARR) announced plans to offer $100 million in senior secured notes due 2026 through its wholly-owned subsidiaries. These notes will be issued to qualified institutional buyers under Rule 144A and Regulation S. The net proceeds from the offering will be used for general corporate purposes. The notes will be secured and guaranteed on a senior basis and will share collateral with existing senior secured notes and a Term Loan B facility. The notes are not registered under the Securities Act, restricting their sale without registration or exemption.
Par Pacific Holdings, Inc. (NYSE: PARR) announced the furlough of 29 employees due to decreased throughput rates at its Kapolei, Hawaii refineries amid COVID-19. This staffing reduction is not anticipated to disrupt the supply of refined products in Hawaii. Additionally, the President, CEO, and independent Board members will cut their cash salaries by 75% effective immediately. Par Pacific continues to operate significant energy infrastructure in Hawaii and the Pacific Northwest, with a total refining capacity of 208,000 barrels per day.