Par Petroleum Corp. has formed a new subsidiary that will own and operate the 31 Tesoro-branded gas stations in 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 Nov. 14. On Nov. 15 Par Petroleum repaid a $30 year 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.