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Holly Energy Partners, L.P. Announces Closing Of The Public Offering Of 1,475,000 Common Units





DALLAS, Dec. 6, 2011 /PRNewswire/ -- Holly Energy Partners, L.P. (NYSE: HEP) (the " Partnership" or " Holly Energy") announced today that it has closed its previously announced public offering of 1,475,000 common units representing limited partner interests in the Partnership.

The Partnership intends to use the net proceeds from the offering to pay a portion of the principal of the two promissory notes with an aggregate original principal amount of $150 million that the Partnership issued to wholly-owned subsidiaries of HollyFrontier Corporation in connection with the Partnership's acquisition of certain pipeline, tankage, loading rack and crude receiving assets located at HollyFrontier Corporation's El Dorado and Cheyenne refineries.  The Partnership expects to use any remaining net proceeds to repay indebtedness incurred under its credit agreement and for general corporate purposes.

Citigroup, BofA Merrill Lynch and Wells Fargo Securities acted as joint book-running managers for the offering.

The offering was made pursuant to an effective shelf registration statement and was made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained by sending a request to: Citigroup, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, attention: Prospectus Dept., telephone: (800) 831-9146 or by emailing batprospectusdept@citi.com;  BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, attention:  Prospectus Department, or e-mail dg.prospectus_requests@baml.com; or Wells Fargo Securities, 375 Park Avenue, New York, New York 10152, attention: Equity Syndicate Dept. telephone: (800) 326-5897 or by e-mail: cmclientsupport@wellsfargo.com.

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.

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