HollyFrontier enters into $350 million three-year senior term loan

By Marisa Wong

Morgantown, W.Va., April 29 – HollyFrontier Corp. entered into a $350 million three-year senior unsecured term loan agreement on Thursday, according to an 8-K filing with the Securities and Exchange Commission.

TD Securities (USA) LLC is the sole arranger, and Toronto Dominion (Texas) LLC is the administrative agent.

The term loan matures on April 28, 2019 and may be prepaid at any time.

Borrowings bear interest at Libor plus an applicable margin ranging from 175 basis points to 250 bps, depending on the company’s senior long-term debt ratings.

The loan agreement contains a financial covenant that does not permit the company’s net debt as of the last day of any fiscal quarter to exceed 65% of total capitalization as of that date.

HollyFrontier is a petroleum refiner based in Dallas.

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