HOUSTON, Sept. 15, 2016 /PRNewswire/ -- Par Pacific Holdings, Inc. (NYSE MKT: PARR) ("Par Pacific" or the "Company") today announced that its registered rights offering (the "Rights Offering") was fully subscribed. The subscription period for the Rights Offering expired at 5:00 p.m., New York City time, on September 14, 2016.
The Company received subscriptions for more than 300% of the shares available in the Rights Offering. Accordingly, shareholders will receive their basic subscription privilege but, because there are not enough shares to satisfy all oversubscriptions, remaining shares will be allocated pro-rata, after eliminating all fractional shares, among oversubscribing stockholders.
The Rights Offering is expected to result in gross proceeds, before expenses, to the Company of approximately $49.9 million. The Company will use the proceeds from the Rights Offering to repay all accrued and unpaid interest and a portion of the outstanding principal amount on its 2.5% convertible subordinated bridge notes. The remaining outstanding aggregate principal amount on the bridge notes will be mandatorily converted into shares of common stock based on a conversion price of $12.25 per share.
About Par Pacific Holdings
Par Pacific Holdings, Inc., based in Houston, Texas, is a growth-oriented company that owns, manages and maintains interests in energy and infrastructure businesses. Par Pacific's business is organized into three primary segments of refining, retail and logistics. Par Pacific has refining and logistics assets in Hawaii and Wyoming and a retail distribution network in Hawaii. Par Pacific also owns an equity investment in Laramie Energy, LLC, a joint venture entity focused on producing natural gas in Garfield, Mesa and Rio Blanco Counties, Colorado. In addition, Par Pacific transports, markets and distributes crude oil from the Western United States and Canada to refining hubs in the Midwest, Gulf Coast and East Coast. More information is available at www.parpacific.com.
This news release includes certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Additionally, forward looking statements are subject to certain risks, trends, and uncertainties. Par Pacific cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Par Pacific does not intend to update or revise any forward-looking statements made herein or any other forward looking statements as a result of new information, future events or otherwise except as required by law. The Company further expressly disclaims any written or oral statements made by a third party regarding the subject matter of this news release.
Director, Investor Relations & Public Affairs
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SOURCE Par Pacific Holdings, Inc.