Holly Energy to price $500 million eight-year notes on Tuesday

By Paul A. Harris

Portland, Ore., Jan. 21 – Holly Energy Partners, LP and Holly Energy Finance Corp. plan to price a $500 million offering of eight-year senior notes (expected ratings B1/BB) in a Tuesday drive-by trailing a mid-morning conference call with investors, according to a syndicate source.

Citigroup Global Markets Inc. is the lead bookrunner. BofA Securities Inc., TD Securities (USA) LLC, MUFG, Wells Fargo Securities LLC and BBVA Securities Inc. are the joint bookrunners.

BNP Paribas Securities Corp., Fifth Third Securities Inc., PNC Capital Markets LLC, Citizens Capital Markets Inc., Comerica Securities Inc., Capital One Securities Inc., ABN Amro Inc. and CIT Capital Markets are the co-managers.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 75% of coupon.

The Dallas-based company plans to use the proceeds, plus a draw on its revolving credit facility, to refinance its existing 2024 notes.

Holly Energy provides product transportation, terminaling, storage and throughput services to the petroleum industry.

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