By Sheri Kasprzak
New York, July 11 - Holly Energy Partners, LP said it has completed a private placement for $45.1 million to complete its previously announced acquisition of Holly Corp.'s pipelines.
The company sold 1.1 million units at $41 each to institutional investors.
The proceeds from the offering, along with the $35 million the company recently raised from the private placement of its 6.25% senior notes due in 2015, will be used to pay for part of the acquisition.
The acquisition includes feedstock pipelines connecting Holly Corp.'s Lovington, N.M. and Artesia, N.M. refining facilities. The transaction was paid for by $77.7 million in cash, 70,000 in common units and a capital account credit to maintain Holly Corp.'s general partner interest in Holly Energy.
Based in Dallas, Holly Energy is a refined petroleum product transportation and terminal services company. Holly Corp. is a petroleum refining company.
| Issuer: | Holly Energy Partners, LP
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| Issue: | Units
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| Amount: | $45.1 million
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| Units: | 1.1 million
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| Price: | $41
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| Warrants: | No
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| Settlement date: | July 11
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| Stock price: | $43.18 at close July 11
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