Holly Energy prices $150 million in senior notes, funds for acquisitions, debt reduction
By APFriday, March 5, 2010
Holly Energy prices $150 million in senior notes
DALLAS — Holly Energy Partners LP said Friday that it has priced an offering of $150 million of senior debt due 2018.
The senior notes will pay an interest rate of 8.25 percent and the offering is expected to close on March 10.
Holly Energy said it plans to use net proceeds of about $93 million to buy petroleum storage tanks that can hold 2 million barrels and other assets such as certain rail-loading track facilities.
The rest of the funds will be used to repay other debt and for general corporate purposes.
Shares of the Dallas-based company rose 58 cents to $42.64 on Friday.
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