Par pacific announces expected increase in abl commitments to up to $1.4 billion and replacement of intermediation facility

Houston, march 20, 2024 (globe newswire) -- par pacific holdings, inc. (nyse: parr) (“par pacific” or the “company”) today announced an expected increase in lender commitments under its existing asset-based revolving credit facility (“abl”) to up to $1.4 billion. the increase is expected to be based, in part, on the addition of certain collateral assets in hawaii, including refined product inventory and accounts receivable. par pacific also intends to refinance its existing working capital financing facilities for its hawaii operations, a supply and offtake agreement and discretionary draw facility, with a combination of funds from the increased abl facility and a smaller crude-only intermediation agreement. the financing is anticipated to reduce the company's working capital financing costs by approximately $10 million per year and increase flexibility of funding.
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