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Prospect News home > News index > List of issuers H > Headlines for Holly Energy Finance Corp. > News item |
Fitch puts Holly on positive watch
Fitch Ratings said it placed the BB+ long-term issuer default rating and the issue level ratings of the senior unsecured notes which are co-issued by Holly Energy Partners, LP (HEP) and Holly Energy Finance Corp. on rating watch positive.
The RWP follows investment-grade rated HF Sinclair Corp.'s announced agreement to buy the remaining 53% of HEP as well as the exchange offer for HEP's unsecured notes outstanding. “The buy-in will make HEP a wholly owned subsidiary, increasing operational and strategic ties between the two companies,” Fitch said in a press release.
After the exchange, Fitch said it plans “to move HEP's unsecured bonds and notes under and equalize them with HF Sinclair, which is currently rated BBB-, and withdraw the long-term IDR for HEP. The exchange is expected to close by the end of the year in conjunction with the acquisition.”
The agency said it aims to resolve the RWP at the deal’s closing likely to occur within six months.
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