Porter Hedges represented Par Pacific Holdings, Inc. ("Par Pacific") in its offering of $100 million aggregate principal amount of convertible senior notes due 2021 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. Par Pacific also granted the initial purchasers an option to purchase, exercisable within a 30-day period beginning on the date on which the notes offering priced, up to $15 million aggregate principal amount of additional notes.
Par Pacific intends to use the net proceeds of the proposed offering (including any proceeds from the exercise of the initial purchasers' option to purchase additional notes) to finance a portion of the purchase price of the previously announced pending acquisition of Hermes Consolidated, LLC (d/b/a Wyoming Refining Company). Porter Hedges also represented Par Pacific in this proposed acquisition of Wyoming Refining Company.
Par Pacific Holdings, Inc., based in Houston, Texas, is a growth-oriented company that manages and maintains interests in energy and infrastructure businesses. The business is organized into three primary segments of refining, retail and logistics located in Hawaii. Par Pacific also owns an equity investment in Laramie Energy, LLC, a joint venture entity focused on producing natural gas in Garfield, Mesa and Rio Blanco Counties, Colorado. In addition, Par Pacific transports, markets and distributes crude oil from the Western United States and Canada to refining hubs in the Midwest, Gulf Coast, East Coast and to Hawaii.
The Porter Hedges team included James Cowen, Nick Nicholas, Joyce Soliman, Brian Rose, Jim Reardon, Kevin Poli, Adam Nalley, Lauren Hunt, Shayla Friesen, Nickie Tran, Allison Wilbanks, and Emily Ashby.
For additional information, please see the Par Pacific press release here.