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Moody's rates HF Sinclair notes Baa3
Moody's Investors Service said it assigned Baa3 ratings to HF Sinclair Corp.'s planned $400 million of senior unsecured notes due 2027 and $500 million of senior unsecured notes due 2028.
“HF Sinclair's other ratings, including its Baa3 issuer rating and existing senior unsecured notes' ratings, and stable outlook remain unchanged,” Moody’s said in a statement.
The notes are being offered in exchange for Holly Energy Partners, LP's $400 million of senior unsecured notes due 2027 and $500 million of senior unsecured notes due 2028. The proposed HF Sinclair notes will have the same coupon and maturities as the existing HEP notes.
The exchange offer is taking place in anticipation of HF Sinclair closing on the acquisition of HEP's publicly outstanding common units, about 53% of the total outstanding units, which is expected to occur in the fourth quarter of 2023.
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