Holly Corp: Key Developments
Holly Corporation And Holly Energy Partners L.P. Completes Acquisition Of Sinclair's Tulsa Refinery
December 1, 2009 |
| Holly Corporation announced that Holly Refining & Marketing - Tulsa LLC, a subsidiary of Holly Corporation, and HEP Tulsa LLC, a subsidiary of Holly Energy have completed their respective transactions to purchase Sinclair's 75,000 barrel per day Tulsa refinery, tankage, and loading racks, as originally announced on October 20, 2009. |
Holly Corporation Announces Regular Quarterly Cash Dividend
November 5, 2009 |
| Holly Corporation announced the declaration of a regular quarterly cash dividend in the amount of $0.15 per share payable on January 4, 2010, to holders of record on December 21, 2009. |
Holly Corporation Announces Proposed Offering of Senior Notes
October 21, 2009 |
| Holly Corporation announced that it intends to commence an offering of $100 million principal amount of senior unsecured notes. The notes will be an additional issuance of Holly's 9.875% senior notes due 2017, and will be treated as a single class with such existing notes. Holly intends to use the net proceeds from the offering to fund the cash portion of the purchase price for the pending acquisition from Sinclair Tulsa Refining Company of a refinery located in Tulsa, Oklahoma and a portion of the purchase price for the related inventory. If the acquisition of the Sinclair refinery does not close, Holly will use the proceeds from the offering for general corporate purposes, including working capital, capital expenditures and possible future acquisitions. |
Holly Corporation Announces Pricing Of $100 Million 9.875% Senior Notes
October 21, 2009 |
| Holly Corporation announced that it has priced an offering of $100 million principal amount of its 9.875% senior unsecured notes. The 9.875% senior notes mature on June 15, 2017. The offering is expected to close on October 26, 2009. The senior notes have been offered as additional debt securities under the indenture pursuant to which, on June 10, 2009, the Company issued $200 million principal amount of 9.875% senior notes due 2017. The new notes and the notes previously issued under the indenture will be treated as a single class of debt securities. The Company intends to use the net proceeds from the offering to fund the cash portion of the purchase price for the pending acquisition of a refinery located in Tulsa, Oklahoma from Sinclair Tulsa Refining Company and a portion of the purchase price for the related inventory. If the acquisition of the Sinclair refinery does not close, the Company will use the proceeds from the offering for general corporate purposes, including working capital, capital expenditures and possible future acquisitions. |
Holly Corporation Announces Definitive Agreement to Acquire Sinclair Oil Corporation's Tulsa Refinery; Issues Consideration Shares
October 20, 2009 |
| Holly Corporation announced that it has entered into a definitive agreement with a subsidiary of Sinclair Oil Corporation (Sinclair) to purchase Sinclair's Tulsa refinery. Under the terms of the agreement, Holly will purchase Sinclair's 75,000 barrel per day (BPD) refinery located in Tulsa, Oklahoma, including its approximately 2.3 million barrels of storage, for $128.5 million comprised of $54.5 million in cash and $74 million in Holly common stock. Holly will also purchase the refinery's inventory of approximately 500,000 barrels at the time of closing at market value. Holly plans to integrate this facility with its existing 85,000 BPD Tulsa refinery. The transaction has already completed the required Federal Trade Commission review process. |
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