Saturday, March 30, 2013 11:16:02 AM
By Zacks Equity Research | Zacks – Wed, Mar 20, 2013 3:08 PM EDT
RELATED QUOTES
Symbol Price Change
HFC 51.45 -0.10
OILT 51.40 -0.32
EQM 38.80 0.34
HEP 40.10 0.05
Dallas, Texas-headquartered Holly Energy Partners L.P. (HEP) – subsidiary of oil refiner and marketer HollyFrontier Corporation (HFC) – recently announced a public offering of 1,875,000 common units to increase its liquidity. Simultaneously, HollyFrontier Corporation and some of its affiliates will also sell 1,875,000 common units as selling unit holders. The units were priced at $40.80 a piece.
The partnership also offered a 30-day option to the underwriters to purchase 281,250 additional units from them and up to 281,250 additional common units from the selling unit holders.
Holly Energy plans to use the proceeds to clear the debt under its credit facility and for other partnership purposes. The amount repaid may be borrowed again by the partnership to finance capital expenditures related to the expansion of crude oil transportation system in southeastern New Mexico. Total expenditure of the same is expected at $35–$40 million.
The offering is expected to close on Mar 22, 2013. Holly Energy will not get any of the takings from the common units sold by HollyFrontier Corporation.
Holly Energy currently retains a Zacks Rank #2 (Buy), implying that it is expected to outperform the broader U.S. equity market over the next 1 to 3 months.
Holly Energy Partners is a master limited partnership (MLP) that operates petroleum product and crude oil pipelines, storage tanks, distribution terminals and loading rack facilities.
As of Dec 31, 2012, company had cash and cash equivalents of $5,237,000 and long-term debt of $864,674,000.
Recent HEP News
- Form 15-12G - Securities registration termination [Section 12(g)] • Edgar (US Regulatory) • 12/11/2023 11:03:56 AM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 12/08/2023 05:15:10 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/04/2023 11:30:29 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/04/2023 11:27:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/04/2023 11:10:12 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/04/2023 11:08:54 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/04/2023 11:08:26 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/04/2023 11:07:30 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/04/2023 10:07:22 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 12/04/2023 09:28:27 PM
- Form POS AM - Post-Effective amendments for registration statement • Edgar (US Regulatory) • 12/04/2023 09:20:56 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/04/2023 09:10:59 PM
- Form S-8 POS - Securities to be offered to employees in employee benefit plans, post-effective amendments • Edgar (US Regulatory) • 12/04/2023 09:07:55 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 12/04/2023 09:05:56 PM
- Form SC 13E3/A - Going private transaction by certain issuers: [Amend] • Edgar (US Regulatory) • 12/01/2023 09:41:04 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/01/2023 09:12:02 PM
- HF Sinclair Corporation and Holly Energy Partners, L.P. Announce Expiration and Final Results of Exchange Offers and Consent Solicitations for Outstanding Notes of the HEP Issuers • Business Wire • 11/30/2023 12:44:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/28/2023 10:09:06 PM
- HF Sinclair Corporation and Holly Energy Partners, L.P. Announce Results of Early Participation in Exchange Offers and Consent Solicitations for Outstanding Notes of the HEP Issuers and Extension of the Early Participation Exchange Consideration • Business Wire • 11/14/2023 12:14:00 AM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 11/03/2023 10:06:26 AM
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