HollyFrontier Corporation and Holly Energy Partners Announce an Agreement in Principle for Acquisition of El Dorado Processing Units

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HollyFrontier Corporation
HFC
("HollyFrontier") and Holly Energy Partners, L.P.
HEP
("Holly Energy") today announced an agreement in principle for the acquisition by Holly Energy of the newly constructed naphtha fractionation and hydrogen generation units at HollyFrontier's El Dorado refinery. Holly Energy is expected to pay HollyFrontier cash consideration of approximately $62.0 million, subject to the execution of definitive agreements and other customary closing conditions. Both HollyFrontier and Holly Energy expect the proposed transaction will close during the fourth quarter of 2015. In connection with the closing of the proposed transaction, HollyFrontier and Holly Energy expect to enter into 15-year tolling agreements containing minimum quarterly throughput commitments from HollyFrontier. Holly Energy expects that the transaction will be immediately accretive to unitholders.
Posted In: NewsM&APress Releases
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