Holly Corporation to raise $100 million in private offering

Wed. October 21, 2009; Posted: 03:25 PM

Look up the PowerRating of HOC and see how it has performed over the past week as well as the current proprietary PowerRating.

Oct 21, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- HOC | Quote | Chart | News | PowerRating -- Holly Corporation, a US-based independent petroleum refiner, intends to commence a private placement of senior unsecured notes by raising $100 million.

The notes will be an additional issuance of Holly's 9.87% senior notes due 2017 and will be treated as a single class with such existing notes.

Deal Value (US$ Million) 100
Deal Type                Private Placement
Sub-Category             None
Deal Status              Announced: 2009-10-21

Deal Participants

Target (Company)   Holly Corporation
Acquirer (Company) Undisclosed Investors

Deal Rationale

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.

For full details on Holly Corp (HOC) click here. Holly Corp (HOC) has Short Term PowerRatings of 5. Details on Holly Corp (HOC) Short Term PowerRatings is available at This Link.

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