Holly Energy Partners LP and Holly Energy Finance Corp. will redeem all $300 million of their outstanding 6.50% senior notes due 2020, according to a Dec. 2 press release.
With the redemption price equal to 103.250% of the principal amount, plus accrued and unpaid interest, the payment to noteholders will be about $316.4 million aggregate.
The redemption, scheduled for Jan. 4, 2017, will be funded through revolving credit agreement borrowings.
U.S. Bank NA is the trustee for the notes and the paying agent
Holly Energy Partners LP is based in Dallas.
Anadarko Petroleum, which is the target of a bidding war between Occidental Petroleum and Chevron, beat analysts' estimates for quarterly profit fueled by higher sales volume and lower costs.
Exxon Mobil and Chevron are expected to report lower quarterly earnings per share when compared with last year, though both are in the midst of aggressive expansion plans in shale oil.
Occidental Petroleum CEO Vicki Hollub has again grabbed the spotlight, as the oil and gas industry trailblazer squares off in a bidding war for Anadarko Petroleum against oil major Chevron.