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Holly Energy Partners, L.P. Announces Pricing Of Public Offering Of Common Units

Stocks in this article: HEPHFC

Holly Energy Partners, L.P. (NYSE: HEP) announced today the pricing of the public offering of 1,875,000 common units representing limited partner interests to be issued and sold by us, and 1,875,000 common units to be sold by HollyFrontier Corporation (NYSE: HFC) and certain of its affiliates as selling unitholders. The common units were priced at $40.80 per common unit. In connection with the offering, we granted the underwriters a 30-day option to purchase up to 281,250 additional common units from us and up to 281,250 additional common units from the selling unitholders. We expect to close the sale of the common units on March 22, 2013.

We intend to use the net proceeds from the offering by us to repay indebtedness incurred under our credit facility and for general partnership purposes. Amounts repaid under our credit facility may be reborrowed from time to time, and we intend to reborrow certain amounts to fund capital expenditures in connection with our expansion of our crude oil transportation system in southeastern New Mexico, which are currently estimated to be approximately $35 million to $40 million. Holly Energy Partners will not receive any of the proceeds from the common units sold by the selling unitholders.

Wells Fargo Securities, BofA Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank Securities and J.P. Morgan are acting as joint book-running managers for the offering.

The offering is being made pursuant to an effective registration statement. The offering may be made only by means of a prospectus, copies of which may be obtained, when available, by sending a request to:

Wells Fargo Securities
Attn: Equity Syndicate Dept.
375 Park Avenue
New York, New York 10152
Telephone: +1-800-326-5897

E-mail: cmclientsupport@wellsfargo.com

BofA Merrill Lynch
222 Broadway, New York, NY 10038
Attn: Prospectus Department

E-mail: dg.prospectus_requests@baml.com

Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Ave.
Edgewood, NY 11717
Telephone: +1-800-831-9146

E-mail: batprospectusdept@citi.com

Credit Suisse
c/o Credit Suisse Prospectus Department
One Madison Avenue
New York, NY 10010
Telephone: 1-800-221-1037

Email: newyork.prospectus@credit-suisse.com

Deutsche Bank Securities
Attention: Prospectus Department
60 Wall Street
New York, NY 10005-2836
Telephone: 1-800-503-4611

Email: prospectus.cpdg@db.com

J.P. Morgan
via Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York, New York 11717
Telephone: (866) 803-9204

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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