Par Pacific Holdings, Inc. (NYSE: PARR) announced that its wholly owned subsidiary Par Petroleum, LLC intends to offer $500 million in aggregate principal amount of senior unsecured notes due 2034 through a private placement, according to a company statement.

The notes will be offered to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States under Regulation S of the Securities Act of 1933. The notes are expected to be guaranteed by Par Pacific and Par Petroleum's subsidiaries that guarantee the company's senior secured asset-based revolving credit facility.

Par Pacific plans to use the net proceeds from the offering, combined with cash on hand or borrowings under its credit facility, to repay the entire principal balance of Par Petroleum's term loan due 2030 and terminate that facility.

The company noted that the offering is subject to market conditions. The securities have not been registered under the Securities Act and may only be sold through exemptions from registration requirements.

Par Pacific operates 219,000 barrels per day of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies. The Houston-based company also maintains an energy infrastructure network including 13 million barrels of storage and various transportation assets.