DALLAS -- (Business Wire)
Holly Energy Partners, L.P. (the “Partnership”) (NYSE: HEP) announced
today that it and its wholly owned subsidiary, Holly Energy Finance
Corp. (together with the Partnership, the “Issuers”) will redeem all of
their outstanding 6.50% Senior Notes due 2020 (the “Notes”). The
aggregate principal amount outstanding of the notes is $300,000,000. The
redemption price for the Notes will be equal to 103.250% of the
principal amount thereof, plus accrued and unpaid interest to, but not
including, the redemption date, for a total payment to holders of the
Notes of approximately $316,400,000 in the aggregate. The redemption of
the Notes is scheduled to occur on January 4, 2017. The Partnership
intends to fund the redemption with borrowings under the Partnership’s
revolving credit agreement. On and after the redemption date, the Notes
will no longer be deemed outstanding, interest will cease to accrue
thereon and all rights of the holders of the Notes will cease, except
for the right to receive the redemption price.
U.S. Bank National Association is the trustee for the Notes and is
serving as the paying agent for this transaction. Copies of the Notice
of Redemption and additional information relating to the redemption of
the Notes may be obtained from U.S. Bank National Association, Global
Corporate Trust Services, 111 Fillmore Ave E, St. Paul, MN 55107,
telephone: 1-800-872-2657.
About Holly Energy Partners, L.P.
Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides
petroleum product and crude oil transportation, terminalling, storage
and throughput services to the petroleum industry, including
HollyFrontier Corporation subsidiaries. The Partnership, through its
subsidiaries and joint ventures, owns and/or operates petroleum product
and crude gathering pipelines, tankage and terminals in Texas, New
Mexico, Arizona, Washington, Idaho, Oklahoma, Utah, Nevada, Wyoming and
Kansas as well as refinery processing units in Utah and Kansas.
The statements in this press release relating to matters that are not
historical facts are “forward-looking statements” within the meaning of
the federal securities laws. These statements are based on our beliefs
and assumptions and those of our general partner using currently
available information and expectations as of the date hereof, are not
guarantees of future performance and involve certain risks and
uncertainties. Although we and our general partner believe that such
expectations reflected in such forward-looking statements are
reasonable, neither we nor our general partner can give assurance that
our expectations will prove to be correct. Therefore, actual outcomes
and results could materially differ from what is expressed, implied or
forecast in these statements. Any differences could be caused by a
number of factors including, but not limited to:
-
risks and uncertainties with respect to the actual quantities of
petroleum products and crude oil shipped on our pipelines and/or
terminalled, stored and throughput in our terminals;
-
the economic viability of HollyFrontier Corporation, Alon USA, Inc.
and our other customers;
-
the demand for refined petroleum products in markets we serve;
-
our ability to purchase and integrate future acquired operations;
-
our ability to complete previously announced or contemplated
acquisitions;
-
the availability and cost of additional debt and equity financing;
-
the possibility of reductions in production or shutdowns at refineries
utilizing our pipeline and terminal facilities;
-
the effects of current and future government regulations and policies;
-
our operational efficiency in carrying out routine operations and
capital construction projects;
-
the possibility of terrorist attacks and the consequences of any such
attacks;
-
general economic conditions; and
-
other financial, operations and legal risks and uncertainties detailed
from time to time in our Securities and Exchange Commission filings.
The forward-looking statements speak only as of the date made and, other
than as required by law, we undertake no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161202005134/en/
Contacts:
Holly Energy Partners, L.P.
Julia Heidenreich, 214-954-6511
Vice
President, Investor Relations
or
Craig Biery, 214-954-6511
Manager,
Investor Relations
Source: Holly Energy Partners, L.P.
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