Par Pacific Holdings (PARR) has shared an announcement.
Par Hawaii Refining, LLC, a subsidiary of Par Pacific Holdings, has entered into a new financial deal with Citigroup Energy Inc., replacing its former agreement with J. Aron & Company LLC. This Inventory Intermediation Agreement will allow Citigroup to finance and hold title to crude oil for PHR’s Hawaiian refinery, with market risk hedges in place. The agreement spans 36 months with an option to extend by 12 months and is backed by an unsecured guaranty from Par Petroleum, LLC. Furthermore, PHR has agreed to certain restrictions, including limits on incurring debt and granting liens. This arrangement coincides with an increase in commitments to the Company’s asset-based revolving credit facility to $1.4 billion.
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