Bankoh to lend Par Petroleum $30M
Par Petroleum Corp. has formed a new subsidiary that will own and operate 31 Tesoro-branded gas stations it acquired in September as part of its purchase of Tesoro’s operations in Hawaii.
HIE Retail secured a $30 million loan from Bank of Hawaii to buy the gas stations from Hawaii Independent Energy, another Par Petroleum subsidiary, according to a news release from Par Petroleum. HIE Retail will pay back the loan over seven years at an interest rate pegged to the London Interbank Offered Rate. HIE also obtained a line of credit of up to $5 million from Bank of Hawaii, according to the news release.
Par Petroleum’s credit agreement with Bank of Hawaii closed Thursday. On Friday, Par Petroleum repaid a $30 million term loan it received under another credit agreement with Jefferies Finance LLC.
Par Petroleum paid $539 million for Tesoro’s refining, distribution and retail operations in Hawaii. The total included $75 million for Tesoro’s assets and $464 million for the company’s inventory of crude oil and refined products.
Bartiromo leaving CNBC after 2 decades
LOS ANGELES » CNBC says veteran anchor and reporter Maria Bartiromo is leaving the business news channel.
Bartiromo’s contract ends Sunday, concluding 20 years with CNBC, the channel said Monday.
The and others reported Bartiromo is joining Fox Business Network. The Fox network said it had no immediate announcement.
"After 20 great years of having a front-row seat to some of the most important economic stories in the world, it’s hard to sum up the gratitude and appreciation I have for the team that helped make it happen," Bartiromo said in a statement. "I am incredibly proud of what we have been able to accomplish."
Bartiromo joined CNBC in 1993 after five years as a producer and assignment editor with CNN Business News. Her high-profile work at CNBC and photogenic looks earned her the nickname "Money Honey."
Campbell Soup hit by fresh-food shift
NEW YORK » Americans’ shift toward fresh foods is kicking Campbell Soup right in the can.
The company Tuesday said its quarterly profit fell 30 percent, hurt by a later Thanksgiving, weaker demand for its biggest products and a rise in marketing costs.
Campbell Soup has been trying to reshape its image as a purveyor of shelf-stable canned and packaged products that are sold in the center aisles of supermarkets. The push comes as people increasingly reach for foods they feel are fresh, migrating toward the perimeters of grocery stores where produce, meats and dairy are sold.
Campbell Soup Co. earned $172 million, or 54 cents a share, for the period ended Oct. 27. That’s down from $245 million, or 78 cents a share, in the fiscal first quarter a year earlier. Revenue dipped 2 percent to $2.17 billion.
Housing market buoys Home Depot’s net
ATLANTA » Home Depot’s fiscal third-quarter profit climbed as sales at its U.S. stores strengthened amid the improvement of the housing market.
Home improvement companies have been benefiting from record-low interest rates and rising home prices, spurring customers to spend more to renovate their homes.
Home Depot Inc. reported net income of $1.35 billion, or 95 cents a share, for the three months ended Nov. 3. That’s up from $947 million, or 63 cents a share, a year ago.
United Air aims for $2B in cost savings
United Airlines said Tuesday that it will cut costs, overhaul its website and shift flying from Asia to Europe as it aims to keep shareholders happy.
United didn’t announce any furloughs as part of the cost-cutting measures outlined Tuesday in a presentation to investors. A spokeswoman declined to comment on whether its plans include furloughs.
United says it is aiming to burn less fuel, make workers more productive and improve its maintenance processes.
ON THE MOVE
Kaiser Permanente Hawaii has an- nounced three new physicians:
>> Dr. Sunghyun Lee is a specialist in critical care medicine at Moanalua Medical Center. He was previously serving in the intensive care units at Straub Hospital and the Queens Medical Center and serves as an assistant clinical professor of medicine at the University of Hawaii John A. Burns School of Medicine.
>> Dr. Kanu Okike is a specialist in orthopedic surgery at Moanalua Medical Center. He previously completed his ortho- pedic trauma fellow- ship at R Adams Cowley Shock Trauma Center in Baltimore.
>> Dr. Eric Chow is a specialist in internal medicine and pediatrics at the Waipio Medical Office. He completed his resi- dency in internal medicine and pediatrics at the University of Cali- fornia San Diego Medical Center.
