Par Petroleum and Par Petroleum Finance, both wholly-owned subsidiaries of Par Pacific Holdings, closed their private offering of $300 million aggregate principal amount of 7.750% senior secured notes due 2025.

In connection with the closing of the notes offering, Par Petroleum and its subsidiaries also entered into a new asset-based secured revolving credit facility with commitments of $75 million in order to provide ongoing working capital and for general corporate purposes. The new facility will be subject to borrowing base availability and is undrawn at closing.

According to a related 8-K filing, Bank of America served as both administrative and collateral agent for the transaction.

Par Pacific Holdings intends to use the net proceeds of the offering to repay its existing indebtedness under its existing secured credit facilities, to repay the forward sale amount under the supply and offtake agreements with J. Aron & Company, and for general corporate purposes.