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Par Pacific Holdings Inc. (PARR): Whitebox Advisors Lowers Stake

Published on September 15, 2016 at 6:43 am by Insider Monkey Staff in Hedge Funds, News
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Andy Redleaf‘s Whitebox Advisors recently filed a Form 13D on Par Pacific Holdings Inc. (NYSEMKT:PARR) in which it reported decreasing its stake to 7.56 million shares, which account for 18.2% of the company’s outstanding stock. As per its 13F filing for the end of June, the fund’s stake previously consisted of 7.85 million shares. The new filing also revealed that Par Pacific Holdings (NYSEMKT:PARR) conducted a rights offering and issued, free of charge, one transferable subscription right in regards to each outstanding share. Hence, Whitebox Advisors also holds this right, which allows it to buy 0.099 common shares for each subscription right held at an exercise price of $12.25 per share.

Par Pacific Holdings is an energy and infrastructure business-oriented company, operating in three divisions: retail, refining, and logistics. Over the past 12 months, the company’s stock has lost 34.29%. For the second quarter of 2016, Par Pacific Holdings disclosed a loss per share of $0.85, missing the estimates of a loss per share of $0.46, and revenue of $413.79 million, topping the estimates of $397.97 million. Recently, Seaport Global Securities initiated coverage on Par Pacific Holdings’ stock and placed a ‘Buy’ rating on it, with a price target of $22.

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Ten of the investment firms that we track were long Par Pacific Holdings (NYSEMKT:PARR) on June 30, owning 23% of its float in aggregate. Whitebox Advisors’ position was the largest of any institutional investor, while Peter Park‘s Park West Asset Management and Glenn Russell Dubin’s Highbridge Capital Management were among the other noteworthy investors of the stock.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Whitebox Advisors 0 7,562,725 0 7,562,725 7,562,725 18.2%
Whitebox General Partner 0 7,562,725 0 7,562,725 7,562,725 18.2%
Whitebox Multi-Strategy Partners 0 3,177,369 0 3,177,369 3,177,369 7.7%

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Page 1 of 9 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 9)*
PAR PACIFIC HOLDINGS, INC.
(Name of Issuer)
Common stock, $0.01 par value
(Title of Class of Securities)
69888T207
(CUSIP Number)
Mark Strefling
Whitebox Advisors LLC
3033 Excelsior Boulevard
Suite 300
Minneapolis, MN 55416
(612) 253-6001
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
September 8, 2016
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box  ☐.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
*
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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