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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.
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