Par Pacific Holdings announced its wholly-owned subsidiaries, HIE Retail and Mid Pac Petroleum have completed the refinancing and repayment of their existing senior secured credit agreements, the closing of which occurred on December 17, 2015.

The new, consolidated $115 million credit facility includes a $5 million senior secured revolving credit facility and a new, seven-year $110 million senior secured term loan facility. The proceeds of the term loans were used to refinance and repay the indebtedness outstanding under each existing credit facility, to pay transaction fees and expenses, and to facilitate a cash distribution to the company.

KeyBanc Capital Markets and Bank of Hawaii acted as joint lead arrangers and joint book runners for the transaction.

The company intends to use a portion of this cash distribution to pay down at least $20 million of the outstanding borrowings under its delayed draw term loan and bridge loan credit agreement.

“We are very pleased to announce the successful refinancing of our retail credit facilities,” said Chris Micklas, Par Pacific’s CFO. “The refinancing improves our cost of capital, simplifies our capital structure and provides more flexibility as we continue to focus on our long-term growth initiatives.”

Houston, TX-based Par Pacific Holdings manages and maintains interests in energy related assets.