Holly talks $200 million eight-year notes 10¼%-10½%, 2-3 points OID

By Paul A. Harris

St. Louis, June 4 - Holly Corp. set price talk for its $200 million offering of eight-year senior unsecured notes (B1/BB/) at 10¼% to 10½%, with 2 points to 3 points of original issue discount, an informed source told Prospect News on Thursday.

The books close at 10:30 a.m. ET on Friday. The notes are scheduled to price thereafter.

UBS Investment Bank is the left lead bookrunner for the Rule 144A and Regulation S with registration rights offering. Banc of America Securities LLC and Goldman Sachs & Co. are joint bookrunners.

The notes come with four years of call protection.

Proceeds will be used to fund the acquisition of the Tulsa Refinery from Sunoco and for general corporate purposes. Holly acquired the Tulsa Refinery for $65 million plus the market value of its inventories on June 1.

Holly is a Dallas-based independent energy refiner.

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