Par Pacific Holdings Inc. launched a registered rights offering in which holders of common stock will be issued one transferable subscription right for each whole share of common stock owned by them on Aug. 25.
The company will offer common shares, inclusive of the oversubscription privilege, representing about $50 million of gross proceeds. These will prepay or repay the company’s 2.5% convertible subordinated bridge notes.
Each subscription right will entitle the holder to purchase 0.099 common shares at $12.25 per whole share. The rights offering will also include an oversubscription privilege. The subscription rights will expire on Sept. 14.
The subscription rights will be traded on the NYSE MKT exchange under the ticker "PARR RT," the company said Aug. 26.
Par Pacific Holdings Inc. is based in Houston.
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