Par Pacific Holdings Inc. (NYSE: PARR) announced that its subsidiary Par Petroleum LLC priced a private placement of $500 million in 7.375% senior unsecured notes due 2034. The notes will be issued at par and mature on June 1, 2034.

The offering is expected to close on May 14, 2026, subject to customary closing conditions. The notes will be guaranteed by Par Pacific and subsidiaries that guarantee the company's senior secured asset-based revolving credit facility.

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

The notes are being offered through a private placement under Rule 144A and Regulation S of the Securities Act to qualified institutional buyers and non-U.S. persons outside the United States. The securities have not been registered under the Securities Act.

Par Pacific operates 219,000 barrels per day of combined refining capacity across facilities 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.