By Cristal Cody
Tupelo, Miss., Sept. 14 – HollyFrontier Corp. priced $750 million of senior notes (Baa3/BBB-) on Monday in two tranches, according to a market source.
A $375 million offering of 2.625% three-year notes priced with a spread of 250 basis points over Treasuries.
The notes were talked to print in the 287.5 bps spread area.
A $375 million tranche of 4.5% 10-year notes was sold at a Treasuries plus 385 bps spread.
Initial price talk was in the 412.5 bps spread area.
BofA Securities, Inc., Citigroup Global Markets Inc., MUFG and TD Securities (USA) LLC were the bookrunners.
The Dallas-based petroleum refiner will use the proceeds for general corporate purposes, which may include capital expenditures.
| Issuer: | HollyFrontier Corp.
|
| Amount: | $750 million
|
| Description: | Senior notes
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., MUFG and TD Securities (USA) LLC
|
| Trade date: | Sept. 14
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Distribution: | SEC registered
|
|
|
| Three-year notes
|
| Amount: | $375 million
|
| Maturity: | Oct. 1, 2023
|
| Coupon: | 2.625%
|
| Spread: | Treasuries plus 250 bps
|
| Price guidance: | Treasuries plus 287.5 bps area
|
|
|
| 10-year notes
|
| Amount: | $375 million
|
| Maturity: | Oct. 1, 2030
|
| Coupon: | 4.5%
|
| Spread: | Treasuries plus 385 bps
|
| Price guidance: | Treasuries plus 412.5 bps area
|
|
|
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