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Holly Energy extends credit agreement maturity to 2025, adjusts borrowing commitments
By Rebecca Melvin
Concord, N.H., May 3 – Holly Energy Partners, LP has extended the maturity date of its credit agreement and reduced the borrowing commitments somewhat under an amendment to its third amended and restated credit agreement, according to an 8-K filing with the Securities and Exchange Commission.
The maturity date was extended to July 27, 2025 and the commitments were reduced to $1.2 billion from $1.4 billion, provided that the agreement will continue to provide an accordion feature that allows increased commitments up to a maximum amount of $1.7 billion.
The sublimit for letters of credit under the credit agreement is $50 million. That amount can be increased at Holly Energy’s election up to $100 million subject to certain terms and conditions.
Prior to the investment-grade date, borrowings bear interest at Libor plus 175 basis points to 275 bps, depending on the total leverage ratio. The fee for unused commitments ranges from 30 bps to 50 bps.
After the investment-grade date, borrowings bear interest at Libor plus 125 bps to 212.5 bps based on the rating issued to the company’s senior unsecured non-credit enhanced long-term debt. The fee for unused commitments ranges from 15 bps to 35 bps.
Wells Fargo Bank NA is the administrative agent and an issuing bank of the amendment, which was entered into on April 30, and MUFG Union Bank NA is syndication agent. The two banks are joint bookrunners of the facility.
Bank of America NA, BBVA USA, Citibank NA, Sumitomo Mitsui Banking Corp., the Bank of Nova Scotia, Houston Branch, the Toronto-Dominion Bank New York Branch and Truist Bank are co-documentation agents.
Dallas-based Holly Energy operates a system of petroleum product and crude pipelines.
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