Key Developments: Holly Energy Partners LP (HEP)
37.78USD
19 Jun 2013
$-0.72 (-1.87%)
$38.50
$38.40
$38.75
$37.61
88,418
134,226
$44.90
$26.34
Latest Key Developments (Source: Significant Developments)
Holly Energy Partners LP Declares Quarterly Distribution
Holly Energy Partners LP announced that it has declared a cash distribution of $0.4775 per unit for the first quarter of 2013. For the prior quarter, $0.47 was distributed to unitholders. This distribution, which represents a 6.7% increase over the split adjusted $.4475 per unit distribution declared for the first quarter of 2012, marks the thirty-fourth consecutive quarterly increase. Holly Energy has increased its distribution to unitholders every quarter since becoming a publicly-traded partnership in July 2004. The distribution will be paid May 15, 2013 to unitholders of record May 6, 2013. Full Article
Holly Energy Partners LP Announces Pricing Of Public Offering Of Common Units
Holly Energy Partners LP announced the pricing of the public offering of 1,875,000 common units representing limited partner interests to be issued and sold by the Company, and 1,875,000 common units to be sold by HollyFrontier Corporation and certain of its affiliates as selling unitholders. The common units were priced at $40.80 per common unit. In connection with the offering, The Company granted the underwriters a 30-day option to purchase up to 281,250 additional common units from us and up to 281,250 additional common units from the selling unitholders. The Company expect to close the sale of the common units on March 22, 2013. The Company intend to use the net proceeds from the offering by us to repay indebtedness incurred under the Company credit facility and for general partnership purposes. Amounts repaid under the Company credit facility may be reborrowed from time to time, and The Company intend to reborrow certain amounts to fund capital expenditures in connection with expansion of crude oil transportation system in southeastern New Mexico, which are currently estimated to be approximately $35 million to $40 million. Holly Energy Partners will not receive any of the proceeds from the common units sold by the selling unitholders. Wells Fargo Securities, BofA Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank Securities and J.P. Morgan are acting as joint book-running managers for the offering. Full Article
Holly Energy Partners LP Announces Public Offering Of Common Units
Holly Energy Partners LP announced that it intends to offer 1,875,000 common units representing limited partner interests in an underwritten public offering. In addition, HollyFrontier Corporation and certain of its affiliates are collectively offering 1,875,000 common units in the offering as selling unitholders. The underwriters are expected to be granted a 30-day option to purchase up to 281,250 additional common units from the Company and 281,250 additional common units from the selling unitholders. The Company intend to use the net proceeds from the offering by the Company to repay indebtedness incurred under credit facility and for general partnership purposes. Amounts repaid under credit facility may be reborrowed from time to time, and The Company intend to reborrow certain amounts to fund capital expenditures in connection with expansion of crude oil transportation system in southeastern New Mexico, which are estimated to be approximately $35 million to $40 million. Holly Energy Partners will not receive any of the proceeds from the common units sold by the selling unitholders. Wells Fargo Securities, BofA Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank Securities and J.P. Morgan are acting as joint book-running managers for the offering. Full Article
Holly Energy Partners LP Declares Quarterly Distribution
Holly Energy Partners LP announced that it declared a cash distribution of $0.47 per unit for the fourth quarter of 2012. Holly Energy Partners completed a two-for-one common unit split on January 16, 2013. For the prior quarter, $0.925 was distributed to unitholders, which would be the equivalent of $0.4625 on a post-split basis. The distribution will be paid February 14, 2013, to unitholders of record February 4, 2013. Full Article
Holly Energy Partners LP Declares Quarterly Distribution
Holly Energy Partners LP announced that the Board of Directors has declared a cash distribution of $0.925 per unit for the third quarter of 2012. For the prior quarter, $0.91 was distributed to unitholders. The distribution will be paid November 14, 2012, to unitholders of record November 5, 2012. Full Article
Holly Energy Partners, L.P. Declares Distribution
Holly Energy Partners, L.P. has declared a cash distribution of $0.91 per unit for the second quarter of 2012. For the prior quarter, $0.895 was distributed to unit holders. The distribution will be paid August 14, 2012, to unit holders of record August 7, 2012. Full Article
Holly Energy Partners, L.P. Announces Acquisition Of 75% Interest In UNEV Pipeline, LLC From HollyFrontier Corporation
Holly Energy Partners, L.P. and HollyFrontier Corporation announced that their respective Boards of Directors have approved the acquisition of HollyFrontier's 75% interest in UNEV Pipeline, LLC (UNEV) by Holly Energy for $315 million, subject to certain post-closing purchase price adjustments. UNEV is the owner of an approximate 400 mile, 12-inch refined products pipeline currently running from Woods Cross, Utah to Las Vegas, Nevada, related products terminals near Cedar City, Utah and Las Vegas, Nevada and other related assets. The purchase price of $315 million is expected to be paid with $260 million in cash and approximately 1.0 million Holly Energy common units valued at $55 million, issued to HollyFrontier. In connection with the closing of the proposed transaction, HollyFrontier, the owner of Holly Energy's general partner, has agreed to forego its right to $1.25 million per quarter of incentive distributions from Holly Energy that the general partner would otherwise be entitled to receive over the 12 consecutive quarters following the closing of the transaction and an additional four quarters in certain circumstances. HollyFrontier will also receive a profits interest that will be paid beginning the fifth year after the closing based on UNEV's EBITDA for the fourth year following the closing, by which it would be entitled in certain circumstances to receive 50% of Holly Energy's portion of UNEV's EBITDA over $30 million. Full Article
Holly Energy Partners, L.P. Declares Distribution
Holly Energy Partners, L.P. has declared a cash distribution of $0.895 per unit for the first quarter of 2012. For the prior quarter, $0.885 was distributed to unitholders. Holly Energy has increased its distribution to unitholders every quarter since becoming a public partnership in July 2004. The distribution will be paid May 15, 2012, to unitholders of record May 8, 2012. Full Article
Holly Energy Partners, L.P. Completes Previously Announced Offering Of 6.50% Senior Notes Due 2020
Holly Energy Partners, L.P. announced that it and its wholly-owned subsidiary, Holly Energy Finance Corp. have completed their previously announced offering of $300.0 million in aggregate principal amount of their 6.50% Senior Notes due 2020 Holly Energy is using a portion of the net proceeds from the offering to fund its previously announced cash tender offer for any and all of Holly Energy's 6.25% Senior Notes due 2015 and the related consent solicitation. The remainder of the net proceeds will be used to pay all or a portion of the principal of the two promissory notes with an aggregate outstanding principal amount of $72.9 million that were issued to wholly owned subsidiaries of HollyFrontier Corporation in connection with the acquisition of certain pipeline, tankage, loading rack and crude receiving assets located at HollyFrontier Corporation's El Dorado and Cheyenne refineries and to repay indebtedness under the Partnership's revolving credit agreement. The New Notes are senior unsecured obligations of Holly Energy and will rank equally in right of payment with all of Holly Energy's existing and future senior debt and senior to any future indebtedness of Holly Energy that expressly provides for subordination to the New Notes. The New Notes are guaranteed on a senior unsecured basis by certain of the Partnership's existing subsidiaries. Full Article
Holly Energy Partners, L.P. Announces Pricing Of 6.50% Senior Notes due 2020
Holly Energy Partners, L.P. announced that it and its wholly owned subsidiary, Holly Energy Finance Corp., have priced an offering of $300 million in aggregate principal amount of their 6.50% senior notes due 2020. The 6.50% senior notes mature on March 1, 2020. The offering is expected to close on March 12, 2012, subject to customary closing conditions. The Partnership intends to use a portion of the net proceeds of this offering to pay the applicable consideration, accrued and unpaid interest on the tendered notes and related fees and expenses in connection with a cash tender offer to purchase any and all of the Partnership's outstanding 6.25% senior notes due 2015 and consent solicitation from holders of 6.25% senior notes due 2015 and to use the remainder of the net proceeds to pay all or a portion of the principal of the two promissory notes with an aggregate outstanding principal amount of $72.9 million that were issued to wholly-owned subsidiaries of HollyFrontier Corporation in connection with the acquisition of certain pipeline, tankage, loading rack and crude receiving assets located at HollyFrontier Corporation's El Dorado and Cheyenne refineries and to repay indebtedness under the Partnership's revolving credit agreement. Full Article
UPDATE 1-HollyFrontier plans crude-by-rail project
HOUSTON, April 11 - Independent refiner HollyFrontier Corp plans to build a rail facility at its New Mexico refining system in collaboration with logistics partnership Holly Energy Partners to enable access to various cheap inland U.S. crude oils, the companies said on Thursday.
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
