Par Petroleum Corporation (“Par Petroleum”) announced today that its subsidiary HIE Retail, LLC (“HIE Retail”) entered into a Credit Agreement on November 14, 2013, with Bank of Hawaii, as administrative agent to the lenders. Pursuant to the Credit Agreement, the lenders agreed to extend credit to HIE Retail in the form of a senior secured term loan of up to $30,000,000 and a senior secured revolving line of credit of up to $5,000,000. The lenders initially advanced $26,000,000 of the term loan and will advance an additional $4,000,000 of the term loan upon HIE Retail’s compliance with certain liquor licensing requirements, if such requirements are satisfied prior to December 31, 2014. The proceeds of the term loan were used to finance the acquisition by HIE Retail of certain retail assets, including 31 retail outlets, selling fuel products and merchandise on the islands of Oahu, Maui and Hawaii, from Hawaii Independent Energy, LLC, also a subsidiary of Par Petroleum, and for general corporate purposes.
Par Petroleum also announced that on November 15, 2013 it repaid in full and terminated all of its outstanding obligations under the $30.0 million term loan portion of its Delayed Draw Term Loan Credit Agreement with Jefferies Finance LLC, as administrative agent for the lenders. The Tranche B Loans under the Delayed Draw Term Loan Credit Agreement in the amount of approximately $18.8 million at September 30, 2013 remain outstanding.
Par Petroleum Corporation
Par Petroleum Corporation is a Houston-based company that manages and maintains interests in a variety of energy-related assets. Par is a growth company that looks for acquisitions with strong fundamentals and employees who can move the business forward.
Par's largest oil and gas asset is its investment in Piceance Energy, LLC, which owns and operates natural gas reserves located in the Piceance Basin of Colorado. Par's operating activities are concentrated in its wholly-owned subsidiaries, Texadian Energy Inc. and Hawaii Independent Energy, LLC.