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BRIEF-HollyFrontier and Holly Energy partners announce IDR simplification agreement
October 19, 2017 / 11:57 AM / a month ago

BRIEF-HollyFrontier and Holly Energy partners announce IDR simplification agreement

Oct 19 (Reuters) - Holly Energy Partners Lp

* HollyFrontier and Holly Energy partners announce IDR simplification agreement

* Holly Energy Partners-‍Holly Energy and HEP GP have entered into a definitive agreement to eliminate incentive distribution rights held by HEP GP​

* Holly Energy Partners LP - on deal close, HollyFrontier will hold about 59.6 million Holly Energy common units, representing about 59% outstanding units​

* Holly Energy-deal also to ‍convert HEP GP’s 2% interest in holly Energy into non-economic interest for 37.3 million in holly Energy’s units to HEP GP

* Holly Energy - deal represents total equity value of $1.25 billion

* Holly Energy Partners LP - ‍terms of transaction were unanimously approved by Board of Directors​ Source text for Eikon: Further company coverage:

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