Sec Form 13D Filing - WHITEBOX ADVISORS LLC filing for PAR PACIFIC HOLDINGS INC (PARR) - 2019-04-03

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
What is insider trading>>

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

     

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 21)*

 

     

 

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)

 

March 12, 2019

(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).

 

 

 
 

 

CUSIP No. 69888T207

 

  1

NAME OF REPORTING PERSON

 

Whitebox Advisors LLC

  2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

 

(a)         (b) 

  3

SEC USE ONLY

 

 

  4

SOURCE OF FUNDS (See Instructions)

 

AF

  5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  

 

  6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

  7

SOLE VOTING POWER

 

0

  8

SHARED VOTING POWER

 

2,493,602*

  9

SOLE DISPOSITIVE POWER

 

0

10

SHARED DISPOSITIVE POWER

 

2,493,602*

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

2,493,602*

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)  

 

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

4.99%**

14

TYPE OF REPORTING PERSON (See Instructions)

 

IA

 

*This Amendment No. 21 to the Schedule 13D corrects an administrative error made in Amendment No. 20 with respect to the April 1, 2019 transaction and updates the holdings information accordingly. Except as otherwise set forth herein, Amendment No. 20 is restated in its entirety.

 

**Percent of class is calculated based on 49,539,919 shares of Common Stock issued and outstanding as of March 4, 2019 as reported in the Issuer’s 10-K filed on March 11, 2019, and 354,350 additional shares of Common Stock issuable upon the exercise of warrants to purchase shares of Common Stock and deemed outstanding for purposes of calculating the Reporting Person's beneficial ownership.

 

 

 
 

 

CUSIP No. 69888T207

 

  1

NAME OF REPORTING PERSON

 

Whitebox General Partner LLC

  2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

 

(a)         (b) 

  3

SEC USE ONLY

 

 

  4

SOURCE OF FUNDS (See Instructions)

 

AF

  5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  

 

  6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

  7

SOLE VOTING POWER

 

0

  8

SHARED VOTING POWER

 

2,493,602*

  9

SOLE DISPOSITIVE POWER

 

0

10

SHARED DISPOSITIVE POWER

 

2,493,602*

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

2,493,602*

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)  

 

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

4.99%**

14

TYPE OF REPORTING PERSON (See Instructions)

 

OO

 

*This Amendment No. 21 to the Schedule 13D corrects an administrative error made in Amendment No. 20 with respect to the April 1, 2019 transaction and updates the holdings information accordingly. Except as otherwise set forth herein, Amendment No. 20 is restated in its entirety.

 

**Percent of class is calculated based on 49,539,919 shares of Common Stock issued and outstanding as of March 4, 2019 as reported in the Issuer’s 10-K filed on March 11, 2019, and 354,350 additional shares of Common Stock issuable upon the exercise of warrants to purchase shares of Common Stock and deemed outstanding for purposes of calculating the Reporting Person's beneficial ownership.

 

 
 

 

EXPLANATORY NOTE: This Amendment No. 21 to Schedule 13D ("Amendment No. 21") relates to the common stock, $0.01 par value per share (the "Common Stock") of Par Pacific Holdings, Inc., a Delaware corporation (the "Issuer"), which has its principal executive office at One Memorial Plaza, 800 Gessner Road, Suite 875, Houston, Texas 77024. This Amendment No. 21 amends, as set forth below, the Schedule 13D filed by Whitebox Advisors LLC and certain related parties with respect to the Issuer on September 11, 2012 (the "Original Schedule 13D"), Amendment No. 1 to the Original Schedule 13D filed on February 28, 2013, Amendment No. 2 to the Original Schedule 13D filed on October 3, 2013, Amendment No. 3 to the Original Schedule 13D filed on August 27, 2014, Amendment No. 4 to the Original S chedule 13D filed on April 23, 2015, Amendment No. 5 to the Original Schedule 13D filed on August 3, 2015, Amendment No. 6 to the Original Schedule 13D filed on December 8, 2015, Amendment No. 7 to the Original Schedule 13D filed on June 21, 2016, Amendment No. 8 to the Original Schedule 13D filed on August 15, 2016, Amendment No. 9 to the Original Schedule 13D filed on September 13, 2016, Amendment No. 10 to the Original Schedule 13D filed on December 5, 2016, Amendment No. 11 to the Original Schedule 13D filed on June 9, 2017, Amendment No. 12 to the Original Schedule 13D filed on September 12, 2017, Amendment No. 13 to the Original Schedule 13D filed on September 19, 2017, Amendment No. 14 to the Original Schedule 13D filed on October 5, 2017, Amendment No. 15 to the Original Schedule 13D filed on October 11, 2017, Amendment No. 16 filed on December 19, 2017, Amendment No. 17 filed on September 4, 2018, Amendment No. 18 filed on November 8, 2018, Amendment No. 19 filed on February 21, 2019, and Amendment No. 20 filed on April 2, 2019 (collectively, the "Schedule 13D"). All capitalized terms not otherwise defined herein have the meanings ascribed to such terms in the Schedule 13D. The items of the Schedule 13D are amended as described herein, and only those items amended are reported herein. Unless otherwise stated herein, the Schedule 13D remains in full force and effect.

Item 5.Interest in Securities of the Issuer

Item 5 of the Schedule 13D is hereby amended and restated as follows:

(a)       See Items 11 and 13 of the cover pages to this Amendment No. 21 for the aggregate number and percentage of outstanding shares of Common Stock that are beneficially owned by each of the Reporting Persons as of April 2, 2019. Calculation of the percentages of outstanding shares of Common Stock beneficially owned were based on 49,539,919 shares of Common Stock outstanding, which is the number of Common Stock outstanding that the Issuer reported in the Issuer’s 10-K filed on March 11, 2019. For purposes of these calculations the following number of Common Stock have been included in the number of shares of Common Stock outstanding for the respective Reporting Person(s): the 354,350 shares of Common Stock issuable upon exercise of the Warrants over which WA and WB GP have indirect beneficial ownership.

(b)       See Items 7 through 10 of the cover pages to this Amendment No. 21 for the number of shares of Common Stock beneficially owned by each of the Reporting Persons as of April 2, 2019 as to which there is sole or shared power to vote or direct the vote, and sole or shared power to dispose or direct the disposition.

(c)       The transactions in the Common Stock by the Reporting Persons since the last filing on Schedule 13D are set forth in Exhibit 99.37. All transactions were conducted in the open market.

(d)       The WA Private Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of shares of Common Stock owned by the Reporting Persons.

(e)       The Reporting Persons no longer own more than 5% of the total outstanding shares of Common Stock. Consequently, this is the final amendment to the Schedule 13D and constitutes an “exit filing” for the Reporting Persons.

Item 7.Material to Be Filed as Exhibits

Item 7 of the Schedule 13D is amended and supplemented as follows.

Exhibit No.   Description
99.37   Schedule of Transactions in the Common Stock by the Reporting Persons
99.38   Amended and Restated Joint Filing Agreement, dated April 3, 2019, among the Reporting Persons.
99.39   Executive Officers and Board of Whitebox Advisors LLC
99.40   Board of Whitebox General Partner LLC
 
 

 

Signature

After reasonable inquiry and to the best of my knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Date:  April 3, 2019

WHITEBOX ADVISORS LLC

By: /s/ Mark Strefling  
  Mark Strefling  
  Chief Executive Officer and General Counsel  

 

WHITEBOX GENERAL PARTNER LLC

By: /s/ Mark Strefling  
  Mark Strefling  
 

Whitebox Advisors LLC

Chief Executive Officer and General Counsel

 

 

 

 
 

EXHIBIT 99.37

SCHEDULE OF TRANSACTIONS IN COMMON STOCK BY THE REPORTING PERSONS

Schedule of Transactions in Common Stock by Whitebox Advisors LLC and Whitebox General Partner LLC (on behalf of private funds for which they act as investment adviser and general partner, respectively)

 

Date of Transaction  Title of Class  Number of Shares/
United Disposed
  Price Per Share/Unit
 02/20/2019   Common Stock   27,606   $17.241 
 02/21/2019   Common Stock   23,568   $17.136 
 02/22/2019   Common Stock   17,032   $17.269 
 02/25/2019   Common Stock   18,100   $17.170 
 02/26/2019   Common Stock   16,300   $17.057 
 02/27/2019   Common Stock   17,600   $17.045 
 02/28/2019   Common Stock   17,400   $16.952 
 03/01/2019   Common Stock   16,000   $17.048 
 03/04/2019   Common Stock   16,700   $16.708 
 03/05/2019   Common Stock   13,900   $16.342 
 03/06/2019   Common Stock   45,000   $16.500 
 03/07/2019   Common Stock   39,200   $16.807 
 03/08/2019   Common Stock   5,924   $16.524 
 03/11/2019   Common Stock   22,576   $16.648 
 03/12/2019   Common Stock   21,376   $16.767 
 03/19/2019   Common Stock   11,059   $17.551 
 03/20/2019   Common Stock   9,398   $17.416 
 03/21/2019   Common Stock   29,543   $17.779 
 03/22/2019   Common Stock   24,438   $17.776 
 03/26/2019   Common Stock   30,752   $17.928 
 03/27/2019   Common Stock   21,936   $17.827 
 04/01/2019   Common Stock   11,800*  $18.058 
 04/02/2019   Common Stock   180   $18.020 

*This number reflects the correct number of shares of Common Stock sold on April 1, 2019.

 

 
 

 

 

EXHIBIT 99.38

AMENDED AND RESTATED JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, each of the undersigned parties hereby agrees to file jointly Amendment No. 21 (and any subsequent amendments) to the statement on Schedule 13D with respect to the shares of common stock, $0.01 par value, of Par Pacific Holdings, Inc.

It is understood and agreed that each of the parties hereto is responsible for the timely filing of such statement and any amendments thereto, and for the completeness and accuracy of information concerning such party contained therein, but such party is not responsible for the completeness and accuracy of information concerning another party unless such party knows or has reason to believe such information is inaccurate. It is understood and agreed that a copy of this agreement shall be attached as an exhibit to Amendment No. 21 to the statement on Schedule 13D, and to any subsequent amendments thereto, filed on behalf of the parties hereto.

Date: April 3, 2019

WHITEBOX ADVISORS LLC

By: /s/ Mark Strefling  
  Mark Strefling  
  Chief Executive Officer and General Counsel  

 

WHITEBOX GENERAL PARTNER LLC

By: /s/ Mark Strefling  
  Mark Strefling  
 

Whitebox Advisors LLC

Chief Executive Officer and General Counsel

 

 

 

 

 
 

 

Exhibit 99.39

 

 

EXECUTIVE OFFICERS AND BOARD OF WHITEBOX ADVISORS LLC

 

The name, business address, present principal employment and citizenship of each executive officer and board member of Whitebox Advisors LLC is set forth below.

 

Name   Business Address   Present Principal Employment   Citizenship
             
Andrew Redleaf  

3033 Excelsior Boulevard

Suite 300

Minneapolis, MN 55416

 

 

Founding Partner and Board member

Whitebox Advisors LLC

  USA
Robert Vogel  

3033 Excelsior Boulevard

Suite 300

Minneapolis, MN 55416

 

Co-Chief Investment Officer and Board member

Whitebox Advisors LLC

 

  USA
Mark Strefling  

3033 Excelsior Boulevard

Suite 300

Minneapolis, MN 55416

 

 

Chief Executive Officer, General Counsel and Board member

Whitebox Advisors LLC

  USA
Elissa Weddle  

3033 Excelsior Boulevard

Suite 300

Minneapolis, MN 55416

 

 

Chief Legal Officer

Whitebox Advisors LLC

  USA
Chris Hardy  

280 Park Ave

Suite 43W

New York, NY 10017

 

 

Chief Compliance Officer

Whitebox Advisors LLC 

  USA
Brian Lofton  

3033 Excelsior Boulevard

Suite 300

Minneapolis, MN 55416

 

 

Chief Risk Officer

Whitebox Advisors LLC

  USA
Paul Twitchell  

3033 Excelsior Boulevard

Suite 300

Minneapolis, MN 55416

 

 

Co-Chief Investment Officer and Board member

Whitebox Advisors LLC

 

  USA
Richard Vigilante  

3033 Excelsior Boulevard

Suite 300

Minneapolis, MN 55416

 

Chief Communications Officer and Board member

Whitebox Advisors LLC

  USA
Robert Riepe  

3033 Excelsior Boulevard

Suite 300

Minneapolis, MN 55416

 

 

Chief Financial Officer

Whitebox Advisors LLC

  USA
Kerry Manaster  

3033 Excelsior Boulevard

Suite 300

Minneapolis, MN 55416

 

Chief Technology Officer

Whitebox Advisors LLC

  USA
Jake Mercer  

3033 Excelsior Boulevard, Suite 300

Minneapolis, MN 55416

 

Head of Special Situations and Restructuring and Board member

Whitebox Advisors LLC

  USA
Paul Roos  

3033 Excelsior Boulevard, Suite 300

Minneapolis, MN 55416

 

Head of Structured Credit and Board member

Whitebox Advisors LLC

  USA
             

 

 
 

 

Exhibit 99.40

 

BOARD OF WHITEBOX GENERAL PARTNER LLC

 

The name, business address, present principal employment and citizenship of each board member of Whitebox General Partner LLC is set forth below.

 

Name   Business Address   Present Principal Employment   Citizenship
             
Andrew Redleaf  

3033 Excelsior Boulevard
Suite 300
Minneapolis, MN 55416

 

  Founding Partner
Whitebox Advisors LLC
  USA
Robert Vogel  

3033 Excelsior Boulevard
Suite 300
Minneapolis, MN 55416

 

  Co-Chief Investment Officer
Whitebox Advisors LLC
  USA
Mark Strefling  

3033 Excelsior Boulevard
Suite 300
Minneapolis, MN 55416

 

  Chief Executive Officer and General Counsel
Whitebox Advisors LLC
  USA
Paul Twitchell  

3033 Excelsior Boulevard
Suite 300
Minneapolis, MN 55416

 

  Co-Chief Investment Officer
Whitebox Advisors LLC
  USA
Richard Vigilante   3033 Excelsior Boulevard
Suite 300
Minneapolis, MN 55416
  Chief Communications Officer
Whitebox Advisors LLC
  USA
Jake Mercer   3033 Excelsior Boulevard,
Suite 300
Minneapolis, MN 55416
  Head of Special Situations and
Restructuring
Whitebox Advisors LLC
  USA
             
Paul Roos   3033 Excelsior Boulevard,
Suite 300
Minneapolis, MN 55416
  Head of Structured Credit
Whitebox Advisors LLC
  USA