Bank of Hawaii Agents HIE Retail Facility for Par Petroleum
Par Petroleum announced that its subsidiary, HIE Retail, entered into a credit agreement on November 14, 2013, with Bank of Hawaii acting as administrative agent. Proceeds of the term loan were used to finance HIE Retail’s acquisition of retail assets, including 31 Hawaii Independent Energy (a Par Petroleum subsidiary) retail outlets selling fuel products and merchandise on the islands of Oahu, Maui and Hawaii, and for general corporate purposes.
Lenders provided a senior secured term loan of up to $30 million and a senior secured revolving credit line of up to $5 million. They advanced $26 million of the term loan and will advance an additional $4 million upon HIE Retail’s compliance with certain liquor licensing requirements, if satisfied prior to December 31, 2014.
Par Petroleum also announced that on November 15, 2013 it repaid in full and terminated all of its outstanding obligations under the $30 million term loan portion of its delayed draw term loan credit agreement with Jefferies Finance, as administrative agent for the lenders. The tranche B loans under the agreement in the amount of approximately $18.8 million at September 30, 2013 remain outstanding.
Houston-based Par Petroleum manages and maintains interests in a variety of energy-related assets.