Holly Energy to use debt for acquisition of Frontier, SLC interests

By Sara Rosenberg

New York, Aug. 10 – Holly Energy Partners LP plans on using debt and equity to fund its acquisition of a 50% interest in Frontier Aspen LLC and a 75% interest in SLC Pipeline LLC from affiliates of Plains All American Pipeline LP, according to a news release.

The purchase price for the assets is $250 million in cash.

Holly Energy currently owns 50% of Frontier and 25% of SLC, meaning that following the transactions, Frontier and SLC will be wholly owned subsidiaries of Holly Energy.

Closing is subject to customary conditions, including expiration of the Hart-Scott Rodino antitrust waiting period for the acquisition of the 75% interest in SLC.

Holly Energy is a Dallas-based provider of petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry.

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