Holly Corporation Announces Proposed Offering of Senior Notes
02 Juin 2009 - 2:00PM
PR Newswire (US)
DALLAS, June 2 /PRNewswire-FirstCall/ -- Holly Corporation
(NYSE:HOC) ("Holly" or the "Company") announced today that it
intends to commence an offering of $200 million principal amount of
senior unsecured notes due 2017. Holly intends to use the net
proceeds from the offering (i) to make post-closing inventory
payments expected to be between $90 and $100 million in connection
with its acquisition of the Tulsa Refinery on June 1, 2009 from
Sunoco, Inc. (R&M) and (ii) for general corporate purposes,
including planned capital expenditures. This press release shall
not constitute an offer to sell, or the solicitation of an offer to
buy, any of the securities described herein, nor shall there be any
sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state. The
securities to be offered have not been registered under the
Securities Act of 1933 or any state securities laws and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements. The securities
will be offered only to qualified institutional buyers under Rule
144A and to persons outside the United States under Regulation S.
This notice is being issued pursuant to and in accordance with Rule
135c under the Securities Act. Holly, headquartered in Dallas,
Texas, is an independent petroleum refiner and marketer that
produces high value light products such as gasoline, diesel fuel
and jet fuel and high value specialty lubricants. Holly operates
through its subsidiaries a 100,000 BPSD refinery located in
Artesia, New Mexico, a 31,000 BPSD refinery in Woods Cross, Utah
and an 85,000 BPSD refinery located in Tulsa, Oklahoma. Also, a
subsidiary of Holly owns an approximate 41% interest (which
includes a 2% general partner interest) in Holly Energy Partners,
L.P., which through subsidiaries owns or leases approximately 2,600
miles of petroleum product and crude oil pipelines in Texas, New
Mexico, Utah and Oklahoma and tankage and refined product terminals
in several Southwest and Rocky Mountain states. The following is a
"safe harbor" statement under the Private Securities Litigation
Reform Act of 1995: The statements in this press release relating
to matters that are not historical facts are "forward-looking
statements" based on management's beliefs and assumptions using
currently available information and expectations as of the date
hereof, are not guarantees of future performance and involve
certain risks and uncertainties, including those contained in our
filings with the Securities and Exchange Commission. Although we
believe that the expectations reflected in these forward-looking
statements are reasonable, we cannot assure you that our
expectations will prove correct. Therefore, actual outcomes and
results could materially differ from what is expressed, implied or
forecast in such statements. The forward-looking statements speak
only as of the date made and, other than as required by law, the
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. DATASOURCE: Holly Corporation CONTACT:
Bruce R. Shaw, Senior Vice President & CFO, or M. Neale
Hickerson, Vice President, Investor Relations, both of Holly
Corporation, +1-214-871-3555 Web Site: http://www.hollycorp.com/
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