Par Pacific Announces Agreements to Exchange $31.7 Million of its 5.00% Convertible Senior Notes Due 2021 for Common Stock and Cash

Source Press Release
Company Par Pacific Holdings, Inc. 
Tags Debt Financing, Financing
Date May 16, 2019

 Par Pacific Holdings, Inc. (NYSE: PARR) ("Par Pacific" or the "Company") today announced that it has entered into privately negotiated exchange agreements with a limited number of holders of its 5.00% Convertible Senior Notes due 2021. Pursuant to the exchange agreements, the Company will exchange approximately $31.7 million in aggregate principal amount of notes for (i) 1,303,344 newly issued shares of the Company's common stock plus (ii) approximately $14.8 million in cash.  

The Company anticipates that the exchanges will be completed on or about May 22, 2019. Upon completion of the exchanges, the aggregate principal amount of the Company's 5.00% Convertible Senior Notes due2021 is anticipated to be reduced to approximately $83.3 million.  The conversion rate for the notes is 55.5556 shares of common stock per $1,000 principal amount of notes (which is equivalent to a conversion price of approximately $18.00 per share of common stock).  As a result, the Company anticipates issuing upon completion of the exchanges 457,935 fewer shares of common stock than the amount that the exchanged noteswould have otherwise been convertible into pursuant to this conversion rate.

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful. The exchanges are exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amende

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