Last $16.77 USD
Change Today +0.14 / 0.84%
Volume 21.6K
PARR On Other Exchanges
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NYSE Amex
As of 3:12 PM 09/22/14 All times are local (Market data is delayed by at least 15 minutes).

par petroleum corp (PARR) Key Developments

Par Petroleum Corporation Announces Management Changes

Par Petroleum Corporation announced the retirement of Par's Chief Operating Officer, Peter Coxon. Mr. Coxon will retire at year end but has stepped down from his role as COO of Par, effective September 8, 2014. Separately, Par announced that Curt Anastasio, a member of Par's Board of Directors, its Executive Committee, its Nominating and Corporate Governance Committee and Chairman of the Operations and Technology Committee, has been elected to the additional role of Vice Chair of the Board. Mr. Anastasio will office in Houston and will actively advise Mr. Monteleone and members of Par's senior management team in reviewing and analyzing Par's business. In addition to his new role at Par, Mr. Anastasio is the Executive Chairman of GasLog Partners LP, a subsidiary of GasLog Ltd. Mr. Anastasio previously served as President and CEO of NuStar Energy L.P. Additionally, Par announced that William Pate has agreed to join Par Petroleum's Board of Directors subject to necessary modification to the existing Stockholders Agreement and Bylaws. Mr. Pate is Co-President of Equity Group Investments. Mr. Pate also serves on the Board of Directors of Covanta Holding Corporation. He previously served on the Boards of Directors of Exterran Holdings Inc.

Par Petroleum Corporation Announces Second Amendment to Delayed Draw Term Loan and Bridge Loan Credit Agreement with Jefferies Finance

On September 10, 2014, Par Petroleum Corporation and certain subsidiaries of the company entered into a Second Amendment to Delayed Draw Term Loan and Bridge Loan Credit Agreement with Jefferies Finance LLC, as administrative agent for the lenders party thereto from time to time, including WB Macau55 Ltd., Highbridge International, LLC and Highbridge Tactical Credit & Convertibles Master Fund, L.P. (collectively, the Term Lenders). Prior to the effectiveness of the Second Amendment, the Company was required to repay the obligations with respect to the $35.0 million advance made to the Company on July 28, 2014 within fifteen days of the Company's receipt of net equity proceeds from its previously completed registered rights offering made pursuant to the prospectus supplement filed with the Securities and Exchange Commission on July 22, 2014. Pursuant to the Second Amendment, the Term Lenders agreed to extend the Prepayment Date until March 31, 2015. Effective September 3, 2014, in accordance with the terms of the Credit Agreement, the Company terminated all of the bridge loan commitments under the Credit Agreement of Chatham Asset High Yield Master Fund, LTD., Chatham Eureka Fund, L.P., Omega Charitable Partners, L.P., ZCOF Par Petroleum Holdings, L.L.C. and ICQ Investments 17, LP prior to the Bridge Lenders having made any bridge loans in respect of the Bridge Loan Commitments. The Company terminated the Bridge Loan Commitments due to the successful completion of the Rights Offering and the receipt by the Company of gross proceeds, before expenses, of approximately $101.8 million. The Company intends to use the net proceeds from the Rights Offering to finance potential acquisitions, including the pending acquisition of Koko'oha Investments Inc., and for general corporate purposes, including working capital. The Second Amendment also modifies various provisions of the Credit Agreement to reflect the termination of the Bridge Loan Commitments.

Par Petroleum Corporation - Shareholder/Analyst Call

To discuss the announcement by Hawaiian Electric Company, Inc. (HECO) that it would not renew one of its contracts with Hawaii Independent Energy (HIE) when the contract expires on December 31, 2014

Par Petroleum Corporation Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Par Petroleum Corporation reported consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported operating loss of $24.4 million, loss before income taxes of $24.7 million and net loss of $24.7 million on total operating revenues of $802.1 million. Adjusted LBITDA was $18.8 million. LBITDA was $18.0 million. For the six months, the company reported operating loss of $39.2 million, loss before income taxes of $39.2 million and net loss of $39.2 million on total operating revenues of $1,545.4 million. Adjusted LBITDA was $27.7 million. LBITDA was $26.0 million.

Par Petroleum Corporation, Q2 2014 Earnings Call, Aug 11, 2014

Par Petroleum Corporation, Q2 2014 Earnings Call, Aug 11, 2014

 

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