JWCA ADVISES PAR PACIFIC ON ITS CONTINUED CONVERTIBLE LIABILITY MANAGEMENT

DECEMBER 2019 | read press release

Transaction Background

In May of 2019, JWCA advised Par on a series of exchanges to manage its $115 million convertible liability in an efficient manner.  The initial round of exchanges reduced the amount outstanding to approximately $80 million.  Since then, stock price has traded up another 25%

Company objectives included:

• Further strengthen the balance sheet and reduce leverage

• Maximize financial flexibility

JWCA acted as an extension of Par Pacific’s team, and assisted in all aspects, including:

• Provided financial analysis and support

• Led investor targeting and negotiations

• Structuring and documentation execution

Results

The Company executed a successful transaction to retire almost 40% of the remaining convertibles through:

• Mix of common equity and cash

• Amount of common equity delivered strategically to minimize stock price impact

Retired $31.2 million principal amount of debt

• JWCA has helped Par retire $66 million or almost 60% of the original issuance

• Confidential negotiations and overnight execution minimized risk to the Company