Par Pacific Holdings Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits

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On March 22, 2024, Par Pacific Holdings, Inc., a Delaware corporation (the “Company”), Par Petroleum, LLC, a Delaware limited liability company (“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”), U.S. Oil & Refining Co., a Delaware corporation (“USOR”), Par Hawaii Refining, LLC, a Hawaii limited liability company (“PHR”), and certain wholly-owned direct or indirect subsidiaries of Par LLC, as guarantors, entered into that certain Third Amendment to Asset-Based Revolving Credit Agreement and Joinder Agreement, dated as of March 22, 2024 (the “Third ABL Amendment”), with Wells Fargo Bank, National Association, as administrative agent and collateral agent (in such capacity, the “ABL Agent”), and the lenders party thereto. The Third ABL Amendment amends that certain Asset-Based Revolving Credit Agreement, dated as of April 26, 2023 (as amended, supplemented or otherwise modified, the “ABL Loan Agreement”), among the Company, Par LLC, Par Hawaii, Hermes, WPC, Par Montana, Par Rocky, the ABL Agent and the lenders party thereto.

 

The Third ABL Amendment provided for, among other things, (i) incremental commitments that increase the total revolver commitment under the ABL Loan Agreement to $1,400,000,000, (ii) joinder of PHR to the ABL Loan Agreement as a Borrower and (iii) certain other amendments to the ABL Loan Agreement to permit a new intermediation facility in favor of PHR, in each case subject to the satisfaction of certain conditions set forth in the Third ABL Amendment, including the termination of the Company’s existing intermediation agreement.

 

The foregoing description of the Third ABL Amendment is qualified in its entirety by reference to the Third ABL Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.

 

 

The information provided under Item 1.01 of this Current Report on Form 8-K regarding the transaction described therein is also responsive to Item 2.03 of this Current Report on Form 8-K and is hereby incorporated by reference into this Item 2.03.

 

 

 

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: March 26, 2024