Porter Hedges represents Par Pacific Holdings, Inc. ("Par Pacific") in connection with the launch of a $50 million registered rights offering. Each holder of the company's common stock as of the close of business on the record date of August 25, 2016 will be issued, at no charge, one transferable subscription right for each whole share of common stock owned by that stockholder on the record date.
Par Pacific will offer a number of shares of its common stock in the rights offering, inclusive of the oversubscription privilege, representing approximately $50 million of gross proceeds. The company plans to use the net proceeds from the rights offering to prepay or repay its 2.5% convertible subordinated bridge notes.
Par Pacific Holdings, Inc., based in Houston, Texas, is a growth-oriented company that owns, manages and maintains interests in energy and infrastructure businesses. Par Pacific's business is organized into three primary segments of refining, retail and logistics. Par Pacific has refining and logistics assets in Hawaii and Wyoming and a retail distribution network 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 and East Coast.
The Porter Hedges team included James Cowen, Kevin Poli, Adam Nalley and Jim Reardon.
For additional information, please see the Par Pacific press release here.