Par Pacific prices $550M term loan B at SOFR+4.25%, launches tender offers for senior notes

PAR PACIFIC HOLDINGS, INC.

Priced $550M senior secured term loan B due 2030 at 98.5% of face; interest SOFR+4.25% (0.50% floor).
Proceeds to refinance existing term loan due 2026 and outstanding 7.750% 2025 notes ($281M) and 12.875% 2026 notes ($31.3M).
Tender offers for any and all notes: $1,021.20/$1,000 for 2025 notes, $1,090.44/$1,000 for 2026 notes, plus accrued interest.
Tender offers expire Feb 23, 2023; closing of term loan expected Feb 28, 2023, subject to financing condition.
Interest rate spread may step down 25 bps to 4.00% if Par Pacific's credit rating is upgraded to Ba3/BB-.

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