secwatch.observer — SEC 8-K summary
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Issuer:     PAR PACIFIC HOLDINGS, INC. (PARR)
CIK:        0000821483
Form:       8-K
Filed at:   2023-02-15T23:59:59+00:00
Accession:  0001193125-23-040299
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/821483/000119312523040299/0001193125-23-040299-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/821483/000119312523040299/d460364d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-040299

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