Each one in plain English, with the numbers worked through for a shareholder.
11 Dec 2019capital raising announcement● NeutralMajor
On December 9-10, 2019, Par Pacific agreed a second swap with a few holders of its 5.00% Convertible Senior Notes due 2021, trading about $31.2 million of notes for about $2.3 million in cash and 1,793,788 new shares, with settlement expected around December 13, 2019. This continues the May 2019 exchange and would cut the convertible notes outstanding to about $48.7 million, at the cost of more new shares and so dilution for existing holders.
16 May 2019capital raising announcement● NeutralMajor
On May 15, 2019, Par Pacific agreed with a few holders of its 5.00% Convertible Senior Notes due 2021 to swap about $31.7 million of those notes for about $14.8 million in cash and 1,303,344 new shares, with settlement expected around May 22, 2019. This would cut the convertible notes outstanding to about $83.3 million; the company says it will issue 457,935 fewer shares than if the notes had been converted at the stated rate (about $18.00 per share). Existing shareholders get some dilution from the new shares, offset by less convertible debt.
20 Dec 2018capital raising announcement▲ GoodMajor
On Dec 19, 2018 Par Pacific closed the purchase of the IES refining units in Hawaii announced in August, completing that deal. The price was $45 million: $30 million cash plus 860,502 shares, and an additional 247,700 shares were issued at closing as an initial inventory adjustment, with further adjustments still to come. Par also agreed to register IES's shares for resale, and the news release says about 80 IES employees are joining Par, and a long-term agreement lets Par use IES's retained storage and throughput assets.
This amendment re-files the Nov 27 8-K on the $358 million TrailStone purchase solely to attach the Purchase and Sale Agreement as Exhibit 2.1. The deal terms are restated unchanged and nothing new is disclosed.
27 Nov 2018capital raising announcement● NeutralMajor
Par Petroleum, a Par Pacific subsidiary, agreed on Nov 26, 2018 to buy TrailStone's U.S. Oil & Refining business (via TrailStone NA Asset Finance I, LLC) for a base price of $358 million: about $321 million cash plus 2,363,776 shares. Par can swap up to about $113 million of the cash for extra shares (capped at 19.9% of shares outstanding). Goldman Sachs Bank USA committed to a $275 million senior secured term loan to fund it. Closing was not before Jan 10, 2019, and either side could terminate if it had not closed by Jan 25, 2019. This is a much larger deal than the August Hawaii topping-unit purchase and would bring more debt and possibly more shares.
30 Aug 2018capital raising announcement▲ GoodMajor
Par Pacific agreed on Aug 29, 2018 to buy refining units near its Kapolei, Hawaii refinery from IES Downstream (Island Energy Services), which announced it is ceasing refining. The price is $45 million: $30 million cash plus 860,502 new Par Pacific shares, with up to 286,834 more shares for inventory adjustments. Closing was still subject to conditions and could be terminated if not completed by Feb 22, 2019. Existing shareholders face some dilution from the new shares.
