PARR · Par Pacific Holdings, Inc.

Par Pacific's subsidiary Par Petroleum executed two key financing transactions on May 14, 2026, materially strengthening its capital structure. The $500 million senior notes offering provides long-term unsecured debt at 7.375% maturing 2034, replacing shorter-term term loan obligations and extending duration while locking in fixed-rate funding amid potential rate volatility. Notes feature standard high-yield protections including make-whole call, equity call option, change-of-control put at 101%, and covenants restricting leverage, liens, payouts, and sales, aligning with investor expectations for energy sector issuers. Concurrently, the ABL facility expansion to $1.8 billion (from prior $1.4 billion implied) with 2031 maturity enhances liquidity for working capital, capex, and turnarounds in refining operations. Tiered SOFR pricing (1.25-1.75% spread) incentivizes strong availability, with robust $600M LC capacity supporting trade. Termination of 2030 term loan eliminates refinancing risk nearer-term. These moves optimize debt maturity profile, boost revolver headroom for cyclical refining business, and signal confidence in cash generation from 219,000 bpd capacity across Hawaii, PNW, and Rockies assets. Unregistered private placement limits near-term equity dilution. Investors benefit from improved flexibility without immediate payout pressures.