By Paul A. Harris
St. Louis, June 14 - Holly Energy Partners LP, in conjunction with Holly Energy Finance Corp., priced a $35 million add-on to its 6¼% senior notes due March 1, 2015 (Ba3/B+) at 98.00 on Tuesday, resulting in a 6.53% yield to maturity.
UBS Investment Bank ran the books for the Rule 144A/Regulation S offering.
Proceeds will be used to partially fund the recently announced acquisition from Holly Corp.
The original $150 million issue priced at par on Feb. 11, 2005.
Holly Energy is a Dallas-based provider of refined petroleum product transportation and terminal services to the petroleum industry.
| Issuer: | Holly Energy Partners LP/Holly Energy Finance Corp.
|
| Amount: | $35 million
|
| Maturity: | March 1, 2015
|
| Security description: | Add-on to its 6¼% senior notes
|
| Bookrunner: | UBS Investment Bank
|
| Coupon: | 6¼%
|
| Price: | 98.00
|
| Yield to maturity: | 6.53%
|
| Spread: | 242 basis points
|
| Call features: | Callable after March 1, 2010 at 103.125, 102.083, 101.042 and par on and after March 1, 2013
|
| Equity clawback: | Until March 1, 2008 for 35% at 106.25
|
| Trade date: | June 14
|
| Settlement date: | June 28, with accrued interest
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B+
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
