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Holly Energy Partners, L.P.
HEP announced today that it intends to
offer 1,875,000 common units representing limited partner interests in an
underwritten public offering. In addition, HollyFrontier Corporation
HFC and certain of its affiliates are collectively offering 1,875,000 common
units in the offering as selling unitholders. The underwriters are expected to
be granted a 30-day option to purchase up to 281,250 additional common units
from us and 281,250 additional common units from the selling unitholders. We
intend to use the net proceeds from the offering by us to repay indebtedness
incurred under our credit facility and for general partnership purposes.
Amounts repaid under our credit facility may be reborrowed from time to time,
and we intend to reborrow certain amounts to fund capital expenditures in
connection with our expansion of our crude oil transportation system in
southeastern New Mexico, which are currently estimated to be approximately $35
million to $40 million. Holly Energy Partners will not receive any of the
proceeds from the common units sold by the selling unitholders.
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