---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-027901"
form_type: "8-K"
ticker: "PARR"
cik: "0000821483"
company_name: "PAR PACIFIC HOLDINGS, INC."
filed_at: "2023-10-10T23:59:59+00:00"
generated_at: "2026-06-10T03:05:09.936002+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Par Pacific increases ABL revolver to $900M; terminates Merrill Lynch ISDA facility

## Summary
- ABL revolver commitments increased to $900M, with future incremental capacity up to $400M.
- USOR, McChord and USOT added as borrowers under ABL; liens on substantially all assets granted.
- First Lien ISDA with Merrill Lynch Commodities terminated; all liens on USOR parties' collateral released.
- USOR provided cash collateral and fees to MLC as part of wind-down conditions; certain letters of credit to be cancelled.
- Limited consent from MUFG Bank obtained for ABL increase, effective October 4, 2023.

## SEC filing metadata
- accession: 0001437749-23-027901
- form_type: 8-K
- ticker: PARR
- cik: 0000821483
- company_name: PAR PACIFIC HOLDINGS, INC.
- filed_at: 2023-10-10T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/821483/000143774923027901/0001437749-23-027901-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/821483/000143774923027901/parr20231006_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-027901
- JSON: https://secwatch.observer/filing/0001437749-23-027901.json
- Plain text: https://secwatch.observer/filing/0001437749-23-027901.txt

## Key facts
- Debt Financings
  PAR PACIFIC HOLDINGS, INC. incurred credit facility of $900,000,000 with Wells Fargo Bank, National Association.
  - Instrument: credit facility
  - Principal: $900,000,000
  - Counterparty: Wells Fargo Bank, National Association
  - Event: incurrence
  source text: Second Amendment provided for, among other things (i) incremental commitments that increase the total revolver commitment under the ABL Loan Agreement to $900,000,000
  evidence_url: https://www.sec.gov/Archives/edgar/data/821483/000143774923027901/0001437749-23-027901-index.htm
- Material Agreements
  PAR PACIFIC HOLDINGS, INC. terminated First Lien ISDA 2002 Master Agreement with Merrill Lynch Commodities, Inc. valued at Wind-Down and Termination Agreement terminated the First Lien ISDA Agreement; cash collateral and fe (effective 2023-10-04).
  - Action: termination
  - Agreement: equity purchase
  - Counterparty: Merrill Lynch Commodities, Inc.
  - Value: Wind-Down and Termination Agreement terminated the First Lien ISDA Agreement; cash collateral and fe
  - Effective: 2023-10-04
  source text: On October 4, 2023, U.S. Oil & Refining Co., a Delaware corporation (“ USOR ”), Par Petroleum, LLC, a Delaware limited liability company (“ Par LLC ”), and McChord Pipeline Co., a Washington limited liability company (“ McChord ”), collectively, USOR, Par LLC and McChord are referred to herein as the “ USOR Parties ”, each being an indirect wholly-owned subsidiary of Par Pacific Holdings, Inc. (the “ Company ”), entered into that certain Wind-Down and Termination Agreement (the “ Wind-Down Agreement ”) with Merrill Lynch Commodities, Inc. (“ MLC ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/821483/000143774923027901/0001437749-23-027901-index.htm
- Material Agreements
  PAR PACIFIC HOLDINGS, INC. entered into Second Amendment to Asset-Based Revolving Credit Agreement and Joinder Agreement with Wells Fargo Bank, National Association (as administrative agent and collateral agent) valued at Second Amendment increased ABL revolver commitments to $900,000,000 with potential for future increm (effective 2023-10-04).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Wells Fargo Bank, National Association (as administrative agent and collateral agent)
  - Value: Second Amendment increased ABL revolver commitments to $900,000,000 with potential for future increm
  - Effective: 2023-10-04
  source text: On October 4, 2023, Par LLC, Par Hawaii, LLC, a Delaware limited liability company (“ Par Hawaii ”), Hermes Consolidated, LLC, a Delaware limited liability company (“ Hermes ”), Wyoming Pipeline Company LLC, a Wyoming limited liability company (“ WPC ”), Par Montana, LLC, a Delaware limited liability company (“ Par Montana ”), Par Rocky Mountain Midstream, LLC, a Delaware limited liability company (“ Par Rocky ”), USOR, Par Pacific Holdings, Inc., a Delaware corporation (the “ Company ”), and certain wholly-owned direct or indirect subsidiaries of Par LLC as guarantors, entered into that certain Second Amendment to Asset-Based Revolving Credit Agreement and Joinder Agreement dated October 4, 2023 (the “ Second Amendment ”) with Wells Fargo Bank, National Association, as administrative agent and collateral agent (in such capacity, “ ABL Agent ”), and the incremental lenders and lenders party thereto (the “ ABL Lenders ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/821483/000143774923027901/0001437749-23-027901-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.