Vinson & Elkins served as issuer’s counsel in a transaction whereby Holly Energy Partners, L.P. and its wholly owned subsidiary, Holly Energy Finance Corp., finalized the terms of their previously announced offering of $500 million in aggregate principal amount of 5.0% senior notes due 2028 in a private placement under Rule 144A and Regulation S of the Securities Act of 1933, as amended to eligible purchasers.
The 2028 Notes will be issued at a price equal to 100% of the principal amount thereof. The 2028 Notes will initially be fully and unconditionally guaranteed on a senior unsecured basis by the Partnership’s existing wholly owned subsidiaries (other than Holly Energy Finance Corp. and certain immaterial subsidiaries). The Partnership intends to use the net proceeds from the Offering, together with borrowings under its revolving credit agreement, to fund the previously announced conditional redemption of all of the Issuers’ currently outstanding 6.0% senior notes due 2024 (the “2024 Notes”) and pay related expenses. The Offering is expected to close on February 4, 2020, subject to customary closing conditions.
The V&E team was led by partners Gillian Hobson (Picture) and David Stone with assistance from of counsel Alan Bogdanow and associates Audrey Bartosh and Breanna Kelly. Also advising were partner Jim Meyer and senior associate Brian Russell; partner Shane Tucker and senior associate Missy Spohn; and partner Bailey Pham.
Involved fees earner: Audrey Bartosh – Vinson & Elkins LLP; Alan Bogdanow – Vinson & Elkins LLP; Gillian Hobson – Vinson & Elkins LLP; Melissa Jester Spohn – Vinson & Elkins LLP; Breanna Kelly – Vinson & Elkins LLP; James Meyer – Vinson & Elkins LLP; Bailey Pham – Vinson & Elkins LLP; Brian Russell – Vinson & Elkins LLP; David Stone – Vinson & Elkins LLP; Shane Tucker – Vinson & Elkins LLP;
Law Firms: Vinson & Elkins LLP;