On April 26, 2023, Par Pacific Holdings, Inc. (NYSE: PARR) Par Petroleum, LLC (“Par Petroleum”) and certain of its subsidiaries announced the closing of a new asset-based revolving credit facility with Wells Fargo Bank, National Association in an initial aggregate principal amount of $150 million which, subject to consummation of the high-conversion, complex refinery located in Billings, Montana, , increases to an aggregate principal amount of up to $600 million (the “ABL Facility”).
Wells Fargo Bank, National Association, Bank of America, N.A., Goldman Sachs Bank USA, MUFG Bank, LTD, and Fifth Third Bank acted as joint lead arrangers and joint bookrunners for the ABL Facility (the “Lead Arrangers”). Wells Fargo Bank, National Association serves as administrative agent under the ABL Facility (the “Administrative Agent”).
Proceeds from the ABL were used to refinance PARR’s existing asset-based revolving credit facility and will be used to finance the acquisition of certain assets. Any remaining net proceeds are expected to be used for general corporate purposes.
The obligations under the ABL Facility are guaranteed by PARR and certain subsidiaries of Par Petroleum and are secured by substantially all assets of Par Petroleum and the guarantors (other than PARR).
Baker Botts represented PARR in the transactions. Latham & Watkins LLP represented the Lead Arrangers, the Administrative Agent and the lenders.
PARR is a Houston-based American oil and gas exploration and production company that owns and operates market-leading energy and infrastructure business in logistically complex markets.
Baker Botts Lawyers/Office Involved:
Finance: Clint Culpepper (Partner, Austin); Luke Weedon (Partner, Dallas); Dela Peimani (Associate, Austin); Spencer Crawford (Associate, Dallas)
Tax: Jon Lobb (Partner, Houston); Stephen Weinstein (Associate, Washington, D.C.)
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