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S&P rates Holly Energy notes B+
Standard & Poor's said it assigned its B+ rating to Holly Energy Partners LP's proposed $150 million senior unsecured note offering. The notes have a recovery rating of 5, indicating an expectation of 30% to 50% recovery in the event of a default.
The company intends to use the proceeds to help fund its $93 million acquisition from Holly Corp., as well as repay outstanding borrowings under its credit facility, S&P said.
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