DALLAS, Dec. 1, 2011 /PRNewswire/ -- Holly Energy Partners, L.P. (NYSE:HEP) (the " Partnership") announced today the pricing of the public offering of 1,475,000 common units representing limited partner interests in the Partnership. The common units were priced at $53.50 per common unit. In connection with the offering, the Partnership granted the underwriters a 30-day option to purchase up to 221,250 additional common units. The Partnership expects to close the sale of the common units on December 6, 2011. 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 is being made pursuant to an effective shelf registration statement. The offering may be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained, when available, by sending a request to: CitigroupAttn: Prospectus DepartmentBrooklyn Army Terminal140 58th Street, 8th Floor Brooklyn, New York 11220Telephone: +1-800-831-9146E-mail: email@example.com BofA Merrill LynchAttn: Prospectus Department4 World Financial Center, New York, New York 10080E-mail: firstname.lastname@example.org Wells Fargo SecuritiesAttn: Equity Syndicate Dept375 Park Avenue, New York, New York 10152Telephone: +1-800-326-5897E-mail: email@example.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.