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Holly Energy gets consents needed to amend 6¼% notes due 2015
By Angela McDaniels
Tacoma, Wash., March 12 - Holly Energy Partners, LP and subsidiary Holly Energy Finance Corp. have received enough consents to amend their $185 million of 6¼% senior notes due 2015, according to a company news release.
A tender offer and consent solicitation for the notes began on Feb. 27.
As of midnight ET on March 9, the consent payment deadline, holders had tendered $157,761,000 principal amount, or 85.28%, of the notes. Consents were needed from the holders of at least a majority of the notes.
A supplemental indenture governing the notes has been executed and became effective on March 12. The amendment eliminates or modifies some covenants and events of default.
The company chose to accept all of the notes tendered by the consent payment deadline for early settlement, and they were purchased on March 12.
The total purchase price is $1,013 for each $1,000 principal amount of notes. This includes a consent premium of $30 for each note tendered by the consent payment deadline.
All holders who tender will receive accrued interest up to but excluding the applicable settlement date.
The tender offer will remain open until midnight ET on March 23.
Any notes that remain outstanding following the tender offer will be redeemed at 101.042% of par plus accrued interest. The redemption date is expected to be April 12.
The company is funding the offer and redemption with the proceeds of its $300 million offering of 6½% senior notes due 2020.
Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 540-1500; banks and brokers call 212 430-3774) is the information agent.
Holly Energy is a Dallas-based provider of petroleum product and crude oil transportation, tankage and terminal services.
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