Nov 03, 2009 (FinancialWire via COMTEX News Network) -- (Comment on this article at http://www.financialwire.net/2009/11/03/holly-energy-partners-to-offer-19-million-common-units/)
November 3, 2009 (FinancialWire) -- Holly Energy Partners, L.P. (NYSE: HEP) plans to offer 1.9 million common units in a public offering. Goldman, Sachs & Co. (NYSE: GS) and UBS Investment Bank (NYSE: UBS) are acting as joint book-running managers
The partnership plans to grant the underwriters a 30-day option to purchase up to 285,000 additional common units.
Holly Energy Partners plans to use a portion of the net proceeds from the offering to fund the cash portion of the purchase price for its pending acquisition of tankage, loading racks and pipeline assets at a refining facility in Tulsa, Oklahoma from Sinclair Tulsa Refining.
It plans to use the remainder of the net proceeds either to pay a portion of the purchase price for the partnership's potential acquisition from Holly Corp. of its investments in two pipeline projects.
Dallas-based Holly Energy Partners provides petroleum product and crude oil transportation, tankage and terminal services to the petroleum industry, including Holly Corp., which owns a 41% interest in the partnership, prior to this offering.
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