Holly Energy to launch $150 million 10-year notes Monday

By Paul A. Harris

St. Louis, Feb. 4 - Holly Energy Partners LP will launch its $150 million offering of 10-year senior notes (expected B3/confirmed B+) in a roadshow beginning Monday, according to a syndicate source.

Pricing is expected on Feb. 11.

UBS Investment Bank is the bookrunner for the Rule 144A with registration rights offering. Banc of America Securities LLC and Goldman Sachs & Co. are joint bookrunners.

The notes will come with five years of call protection.

Proceeds will be used to help fund the acquisition of pipeline and terminal assets of Alon USA for $120 million in cash and 937,500 Holly Energy Partners class B subordinated units and to repay debt.

Holly Energy is a Dallas-based provider of refined petroleum product transportation and terminal services to the petroleum industry.

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