S&P rates Holly Energy notes BB

S&P said it assigned its BB issue-level rating to Holly Energy Partners LP and Holly Energy Finance Corp.'s proposed $300 million senior unsecured notes offering due 2024.

The recovery rating is 5, indicating expectations of a modest (10% to 30%; lower half of the range) recovery in the event of a payment default.

The partnership intends to use the net proceeds to partly repay amounts outstanding under its revolving credit facility, which had $765 million drawn as of March 31.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.