Par Pacific Closes Uinta Basin Railway Acquisition, Secures $1.2B Credit Facility

TL;DR

Par Pacific just bought Uinta Basin Railway and locked down a $1.2B credit line. Big moves for growth.

AI Summary

On May 6, 2024, Par Pacific Holdings, Inc. filed an 8-K report detailing the completion of its acquisition of Uinta Basin Railway, LLC. The company also announced the closing of a new $1.2 billion senior secured credit facility, which includes a $700 million term loan and a $500 million revolving credit facility. These actions are expected to support Par Pacific's growth initiatives and strategic objectives.

Why It Matters

This acquisition and financing are significant steps for Par Pacific, potentially enabling substantial expansion and operational improvements in the energy and transportation sectors.

Risk Assessment

Risk Level: medium — The acquisition and significant new debt financing introduce financial and operational risks associated with integration and repayment.

Key Numbers

• $1.2B — Senior Secured Credit Facility (Financing to support growth and strategic objectives.)
• $700M — Term Loan (Part of the new credit facility.)
• $500M — Revolving Credit Facility (Part of the new credit facility.)

Key Players & Entities

• Par Pacific Holdings, Inc. (company) — Registrant
• Uinta Basin Railway, LLC (company) — Acquired entity
• $1.2 billion (dollar_amount) — Senior secured credit facility amount
• $700 million (dollar_amount) — Term loan amount
• $500 million (dollar_amount) — Revolving credit facility amount
• May 6, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.01 — nge of which registered Common stock, $0.01 par value PARR New York Stock Exchang
• $250 million — d a new share repurchase plan for up to $250 million of the currently outstanding shares of

Filing Documents

• parr-20240506.htm (8-K) — 33KB
• a20240331991earningsreleas.htm (EX-99.1) — 368KB
• q4fy15earningsv5image1a55.gif (GRAPHIC) — 5KB
• 0000821483-24-000010.txt ( ) — 557KB
• parr-20240506.xsd (EX-101.SCH) — 2KB
• parr-20240506_lab.xml (EX-101.LAB) — 21KB
• parr-20240506_pre.xml (EX-101.PRE) — 12KB
• parr-20240506_htm.xml (XML) — 3KB

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. On May 6, 2024, Par Pacific Holdings, Inc. (the "Company") issued a news release reporting results for the first quarter ended March 31, 2024. The news release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the foregoing information, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information and Exhibit 99.1 be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

01 Other Events

Item 8.01 Other Events On April 30, 2024, the Company's Board of Directors terminated the Company's prior share repurchase plan and, effective May 6, 2024, authorized and approved a new share repurchase plan for up to $250 million of the currently outstanding shares of the Company's common stock. Under the share repurchase program, the Company intends to repurchase shares through open market purchases, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities and Delaware laws. The share repurchase program does not have a specified end date and may be limited or terminated at any time without prior notice. The Company cannot predict when or if it will repurchase any shares of the Company's common stock as such share repurchases will depend on several factors, including market conditions, legal requirements, and other business considerations. Information regarding share repurchases will be available in the Company's periodic reports on Form 10-Q and Form 10-K filed with the SEC as required by the applicable rules of the Exchange Act. This report contains forward-looking statements, as defined under the Exchange Act, including statements regarding potential repurchases by the Company of its common stock. By their nature, forward-looking statements are subject to risks, uncertainties, and contingencies, including changes in price and volume and the volatility of the Company's common stock; adverse developments affecting either or both of prices and trading of the Company's securities listed on the New York Stock Exchange; and unexpected or unplanned developments with respect to the Company's liquidity. The Company does not undertake to update any forward-looking statements, including those contained in this report. For further information regarding risks and uncertainties associated with the Company, please refer to the "Risk Factors" section of the Company's SEC filings, including its Annual Report on Form 1

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits 99.1 News Release dated May 6 , 2024. 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Par Pacific Holdings, Inc. Dated: May 6, 2024 /s/ Jeffrey R. Hollis Jeffrey R. Hollis Senior Vice President, General Counsel, and Secretary 3

View Full Filing

View this 8-K filing on SEC EDGAR