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
JMR Services, A-Plus P&A to Merge Companies
2024-03-05 - The combined organization will operate under JMR Services and aims to become the largest pure-play plug and abandonment company in the nation.
New Fortress Energy Sells Two Power Plants to Puerto Rico
2024-03-18 - New Fortress Energy sold two power plants to the Puerto Rico Electric Power Authority to provide cleaner and lower cost energy to the island.
Tellurian Executive Chairman ‘Encouraged’ by Progress
2024-03-18 - Tellurian announced new personnel assignments as the company continues to recover from a turbulent 2023.
Kissler: OPEC+ Likely to Buoy Crude Prices—At Least Somewhat
2024-03-18 - By keeping its voluntary production cuts, OPEC+ is sending a clear signal that oil prices need to be sustainable for both producers and consumers.
Enerflex Appoints Thomas B. Tyree to Board
2024-03-12 - Tyree currently serves on Antero Resources’ board and recently served as chairman of Northwoods Energy LLC in 2023.