PAR PACIFIC HOLDINGS, INC. 8-K

What Happened

• Par Pacific Holdings, Inc. filed an 8‑K (Dec 19, 2025) reporting two material agreements: Amendment No. 3 to its Term Loan Credit Agreement (dated Dec 17, 2025) and an Amended & Restated Pledge and Security Agreement for Hawaii Renewables, LLC (dated Dec 16, 2025).
• The Term Loan amendment, with Wells Fargo Bank, N.A. as administrative agent, reduces the Applicable Margin by 50 basis points so base‑rate loans now bear interest at base rate + 2.25% and SOFR loans at SOFR + 3.25%.
• The pledge agreement accompanies a Framework Agreement, ISDA master agreement and an Uncommitted Letter‑of‑Credit Facility under which Wells Fargo may consider issuing up to $25,000,000 in documentary letters of credit for Hawaii Renewables to fund supplier payments (crude oil and soybean oil).

Key Details

• Amendment No. 3 to Term Loan Credit Agreement dated December 17, 2025; applicable margins reduced by 50 bps.
• New interest spreads: base rate loans = base + 2.25%; SOFR loans = SOFR + 3.25%.
• Uncommitted LC Facility Agreement dated December 16, 2025: maximum aggregate documentary letters of credit of $25,000,000.
• Amended & Restated Pledge and Security Agreement grants Wells Fargo a security interest in specified collateral to secure Hawaii Renewables’ obligations under the hedging, ISDA and LC agreements.

Why It Matters

• Lower margin on the term loan reduces Par Pacific’s interest expense on outstanding term‑loan borrowings, improving cash flow compared with prior pricing.
• The $25M letter‑of‑credit capability supports Hawaii Renewables’ commodity purchases (crude and soybean oil), reducing payment risk for suppliers and enabling ongoing fuel production operations in the renewables joint venture.
• The amended pledge makes those LC/derivatives/related obligations secured, which could affect creditor priorities for the collateral identified in the agreement.

Exhibits to the 8‑K include the Term Loan Amendment and the Amended & Restated Pledge and Security Agreement filed with the report.