Porter Hedges represented Par Pacific Holdings, Inc. (“Par Pacific”) in the sale of 3,400,000 shares of its common stock at a price of $22.00 per share, for anticipated gross proceeds of approximately $74.8 million. Par Pacific plans to use the net proceeds of the offering for working capital and general corporate purposes.
Porter Hedges previously represented Par Pacific in the acquisition of Hawaii’s Mid Pac Petroleum, the acquisition of Tesoro Hawaii, LLC and the acquisition of SEACOR Energy, Inc.
Par Pacific, headquartered in Houston, Texas, is a growth-oriented company that manages and maintains interests in energy related assets. Through subsidiaries, it owns and operates a 94 Mbpd refinery with related logistics and retail network in Hawaii. Par Pacific also transports, markets and distributes crude oil from Western U.S. and Canada to refining hubs in the Midwest, Gulf Coast, East Coast and to Hawaii.
The Porter Hedges team was led by Partner James Cowen with assistance from Associate Adam Nalley.
For additional information, please see Par Pacific press release here.