Holly Energy Partners Announce the Pricing of 1,900,00 Common Unit Public Offering
Ft Lauderdale, Florida 11/03/2009 08:30 PM GMT (TransWorldNews)
Holly Energy Partners, L.P. (NYSE: HEP) (the "Partnership") announced the pricing of the public offering of 1,900,000 common units representing limited partner interests in the Partnership. The common units were priced at $35.78 per. The partnership granted the underwriters a 30 day option to purchase up to 285,000 additional common units. The partnership expects to close the sale of the common units on November 6, 2009, subject to customary closing conditions. The Partnership plans to use a portion of the net proceeds from the offering to fund the cash portion of the purchase price for the pending acquisition of tankage, loading racks and pipeline assets from Sinclair Tulsa Refining Company.
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About Holly Energy Partners L.P.:
Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides petroleum product and crude oil transportation, tankage and terminal services to the petroleum industry, including Holly Corporation, which owns a 41% interest (which includes a 2% general partner interest) in the Partnership, prior to this offering. The Partnership owns and operates petroleum product and crude oil pipelines, tankage, terminals and loading rack facilities located in Texas, New Mexico, Arizona, Oklahoma, Washington, Idaho and Utah. In addition, the Partnership owns a 70% interest in Rio Grande Pipeline Company, a transporter of LPGs from West Texas to Northern Mexico, and a 25% interest in SLC Pipeline, L.P., a transporter of crude oil in the Salt Lake City area.
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