Attached files
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8-K - FORM 8-K - HollyFrontier Corp | d69677e8vk.htm |
EX-99.4 - EX-99.4 - HollyFrontier Corp | d69677exv99w4.htm |
EX-99.2 - EX-99.2 - HollyFrontier Corp | d69677exv99w2.htm |
EX-99.3 - EX-99.3 - HollyFrontier Corp | d69677exv99w3.htm |
Exhibit 99.1
Holly Corporation Announces Proposed Offering of Senior Notes
10/21/2009
DALLAS, TX Holly Corporation (NYSE-HOC) (Holly or the Company) announced today that it
intends to commence an offering of $100 million principal amount of senior unsecured notes. The
notes will be an additional issuance of Hollys 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.
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. The securities to be offered have not been
registered under the Securities Act of 1933 or any state securities laws and may not be offered or
sold in the United States absent registration or an applicable exemption from registration
requirements. The securities will be offered only to qualified institutional buyers under Rule 144A
and to persons outside the United States under Regulation S. This notice is being issued pursuant
to and in accordance with Rule 135c under the Securities Act.
Holly, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that
produces high value light products such as gasoline, diesel fuel and jet fuel and high value
specialty lubricants. Holly operates through its subsidiaries a 100,000 BPSD refinery located in
Artesia, New Mexico, a 31,000 BPSD refinery in Woods Cross, Utah and an 85,000 BPSD refinery
located in Tulsa, Oklahoma. Also, a subsidiary of Holly owns an approximate 41% interest (which
includes a 2% general partner interest) in Holly Energy Partners, L.P., which through subsidiaries
owns or leases approximately 2,700 miles of petroleum product and crude oil pipelines in Texas, New
Mexico, Utah and Oklahoma and tankage and refined product terminals in several Southwest and Rocky
Mountain states.
The following is a safe harbor statement under the Private Securities Litigation Reform Act of
1995: The statements in this press release relating to matters that are not historical facts are
forward-looking statements based on managements beliefs and assumptions using currently
available information and expectations as of the date hereof, are not guarantees of future
performance and involve certain risks and uncertainties, including those contained in our filings
with the Securities and Exchange Commission. Although we believe that the expectations reflected in
these forward-looking statements are reasonable, we cannot assure you that our expectations will
prove correct. Therefore, actual outcomes and results could materially differ from what is
expressed, implied or forecast in such statements. The forward-looking statements speak only as of
the date made and, other than as required by law, the Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise.
FOR FURTHER INFORMATION, contact
Bruce R. Shaw, Senior Vice President & CFO
M. Neale Hickerson, Vice President, Investor Relations
Holly Corporation
214/871-3555
M. Neale Hickerson, Vice President, Investor Relations
Holly Corporation
214/871-3555