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UPDATE 1-Holly Energy to offer 1.9 mln common units

Mon Nov 2, 2009 6:02pm EST

Stocks

   

* Net proceeds to be used to fund asset buy

* Shares fall about 5 pct post-market

Nov 2 (Reuters) - Crude pipeline and storage company Holly Energy Partners LP (HEP.N) said it plans to sell 1.9 million common units in a public offering, and use a portion of the proceeds to fund its asset purchase at a Tulsa refinery.

Units of Dallas, Texas-based Holly Energy fell 5 percent to $35.70 in after-hours trade. They closed at $37.67 Monday on the New York Stock Exchange.

Last month, Holly Energy Partners, a Holly Corp (HOC.N) affiliated mid-stream master limited partnership, said it would buy certain logistics and storage assets at Sinclair Oil Corp's Tulsa refinery in Oklahoma. [ID:nBNG546084]

Oil refiner Holly Corp had agreed to buy Sinclair's refinery in Tulsa for $128.5 million in a cash-and-stock deal.

Goldman Sachs and UBS Investment Bank are the joint managers for the offering, the company said. (Reporting by Krishna N. Das in Bangalore; Editing by Ratul Ray Chaudhuri)



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