Holly Corporation Announces Pricing of $200 Million 9 7/8% Senior Notes
05 Juin 2009 - 11:30PM
PR Newswire (US)
DALLAS, June 5 /PRNewswire-FirstCall/ -- Holly Corporation
(NYSE:HOC) ("Holly" or the "Company") announced today the pricing
of its previously announced offering of $200 million principal
amount of senior unsecured notes. The 9 7/8% senior notes mature on
June 15, 2017. The offering is expected to close on June 10, 2009,
subject to customary closing conditions. 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. About Holly Corporation: 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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