![Par Pacific Increases Asset-based Revolving Credit Facility by 55%](/sites/default/files/styles/hart_news_article_image_640/public/image/2024/03/par-pacific-holdings-amends-asset-based-revolving-credit-facility.jpg?itok=HEH6t5tp)
(Source: Shutterstock.com)
Par Pacific Holdings Inc. entered into a previously amended asset-based revolving credit facility that increases its borrowing ability by $500 million, or about 55%, the energy company announced March 25.
The previously announced amendment increases Par Pacific’s existing asset-based revolving credit facility from $900 million to $1.4 billion and is conditional with the termination of the company’s existing intermediation agreement to occur on or about May 31.
The increase is based in part on the addition of collateral assets in Hawaii, including refined product inventory and accounts receivable, according to the press release.
Headquartered in Houston, Par Pacific Holdings owns several refining and logistical assets in the Lower 48 as well as the energy infrastructure network in Hawaii, which has a 94,000 bbl/d of operating refining capacity.
Recommended Reading
Permian Resources Completes Liquidation of Canada’s Lynden Energy
2024-05-28 - Permian Resources said the liquidation of Lynden Energy, a subsidiary of Earthstone Energy, will simplify its corporate structure and reduce go-forward tax obligations at the time of the Earthstone acquisition.
Hess Shareholders Approve Chevron Merger
2024-05-28 - Hess Corp. stockholders voted in favor of the company’s merger with Chevron Corp. during Hess’ May 28 special meeting.
TotalEnergies Buys UK Power Plant from EIG for $575MM
2024-06-06 - TotalEnergies signed an agreement with EIG, an institutional investor in the global energy sector, for the acquisition of all the shares of West Burton Energy for an enterprise value of £450 million (US$575 million).
Family Offices: Familiar and New Names Coming to Oil, Gas Table
2024-06-06 - Haynes and Boone semi-annual surveys of oil and gas lenders and producers reveal measured optimism capital formation—and a broader audience of family offices than seen in prior decades is tuning in.
Weatherford M&A Efforts Focused on Integration, Not Scale
2024-04-25 - Services company Weatherford International executives are focused on making deals that, regardless of size or scale, can be integrated into the business, President and CEO Girish Saligram said.