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Whitebox Advisors Boosts Stake In Par Pacific Holdings (PARR)

Published on June 29, 2016 at 9:09 am by Insider Monkey Staff in Hedge Funds, News
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Whitebox Advisors‘ stake in Par Pacific Holdings, Inc. (NYSEMKT:PARR) has gone up according to a recently amended filing with the Securities and Exchange Commission. Managed by Andy Redleaf, the fund’s holding of the stock stood at 7.84 million shares at the end of the first quarter and has now climbed to 8.19 million shares or 19.8% of Par Pacific Holdings’ common stock. Whitebox Advisors has also indicated the acquisition of an undisclosed number of convertible senior notes issued by the company earlier this month.

So far this year, the stock has been in a downtrend, dropping by as much as 40% before jumping on news that Par Pacific Holdings, Inc. (NYSEMKT:PARR) has agreed to acquire Hermes Consolidated, LLC, which is doing business as Wyoming Refining Company. The deal is valued at $271.4 million and includes $58 million of Hermes Consolidated’s debt. “This acquisition fits perfectly with our previously disclosed acquisition strategy by utilizing our tax attributes and capital sources to build on our refining and logistics capabilities,” commented William Pate, President and Chief Executive Officer of Par Pacific. Analysts at Cowen and Company have quickly reacted to the news and upgraded the stock to ‘Outperform’ from the previous ‘Market Perform’ rating and have increased their price target to $20 per share, an upside potential of 23%.

Hedge fund interest in Par Pacific Holdings, Inc. (NYSEMKT:PARR) did not change significantly during the first quarter, as the number of long positions inched down to 13 at the end of March. Together, these funds held roughly 23% of the company’s common stock. Glenn Russell Dubin‘s Highbridge Capital Management also holds a stake in the company, having indicated a 10% reduction in its latest 13F filing. The fund reportedly held 300,000 shares of Par Pacific Holdings worth roughly $5.63 million at the end of the quarter.

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 8,191,158 0 8,191,158 8,191,158 19.8%
Whitebox General Partner 0 8, 0 8,191,158 8,191,158 19.8%
Whitebox Multi-Strategy Partners 0 3,349,519 0 3,349,519 3,349,519 8.1%

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Page 1 of 7 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 7)*
____________________________
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)
June 16, 2015
(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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