Par Pacific (PARR) Launches $50M Stock Rights Offering

August 26, 2016 8:34 AM EDT

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Par Pacific Holdings, Inc. (NYSE: PARR) announced the launch of a registered rights offering. In the rights offering, each holder of the Company's common stock as of the close of business on the record date of August 25, 2016 will be issued, at no charge, one transferable subscription right for each whole share of common stock owned by that stockholder on the record date. The subscription rights will be traded on the NYSE MKT under the symbol "PARR RT."

Each subscription right will entitle the holder thereof to purchase 0.099 shares of the Company's common stock at $12.25 per whole share (subject to rounding down to avoid the issuance of fractional shares) (the "basic subscription privilege"). The rights offering will also include an oversubscription privilege, which will entitle stockholders who fully exercise their basic subscription privilege the right to purchase at the same exercise price additional shares of the Company's common stock in the rights offering that other stockholders do not purchase, subject to availability and pro rata allocation of shares among rights holders exercising such oversubscription privilege. No fractional shares of common stock will be issued in the rights offering. The subscription rights will expire if they are not exercised by 5:00 p.m. New York City time on September 14, 2016 (unless extended).

The Company will offer a number of shares of its common stock in the rights offering, inclusive of the oversubscription privilege, representing approximately $50 million of gross proceeds. The Company plans to use the net proceeds from the rights offering to prepay or repay its 2.5% convertible subordinated bridge notes.

The Company also announced that certain of its executive officers are scheduled to hold meetings with investors at 135 South LaSalle Street, Chicago, IL 60603 at 8:00 AM (Chicago time) on Wednesday, September 7, 2016; One Maritime Plaza, 9th Floor, San Francisco, CA 94111 at 9:00 AM (San Francisco time) on Thursday, September 8, 2016; and One Bryant Park, New York, NY 10036 at 3:00 PM (New York City time) on Monday, September 12, 2016. Investors that are interested in attending a meeting can contact Christine Laborde, whose contact information is set forth below.

The rights offering will be made pursuant to a registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (the "SEC") and became effective on August 22, 2016. The rights offering will be made solely by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, to be filed with the SEC. Additional information regarding the rights offering will be set forth in the prospectus to be filed with the SEC.

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