Par Pacific Holdings, Inc. (NYSE: PARR) announced that its wholly owned subsidiary Par Petroleum, LLC completed a private placement of $500 million in 7.375% senior unsecured notes due 2034. The company also increased its asset-based revolving credit facility to $1.8 billion and extended the maturity date to 2031.

The notes were sold through a private placement under Rule 144A and Regulation S of the Securities Act of 1933 to qualified institutional buyers and non-U.S. persons outside the United States.

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

The Houston-based energy company operates 219,000 barrels per day of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies. Par Pacific also maintains 13 million barrels of storage capacity and operates retail fuel stations under the Hele brand in Hawaii and nomnom convenience stores in the Pacific Northwest.

The company owns 46% of Laramie Energy, LLC, a natural gas production company with operations in Western Colorado.