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HollyFrontier and Holly Energy Partners Announce IDR Simplification Agreement

Published: 10-19-2017

Vinson & Elkins provided tax counsel to Holly Energy Partners, L.P. (Holly Energy) in connection with Holly Energy and HEP Logistics Holdings, L.P.’s (HEP GP) definitive agreement to eliminate the incentive distribution rights held by HEP GP and convert HEP GP’s 2% general partner interest in Holly Energy into a non-economic interest in exchange for the issuance by Holly Energy of 37,250,000 of its common units to HEP GP, representing total equity value of $1.25 billion based on Holly Energy’s previous closing day price of $33.56. 

Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corporation subsidiaries.

The V&E tax team included partners Jim Meyer and Ryan Carney and associate Brian Russell


Lawyer Contacts

+1.214.220.7721
jmeyer@velaw.com
+1.713.758.4720
rcarney@velaw.com

Media Contact

Melissa Anderson Senior Communications Manager

T +1.713.758.2030
manderson@velaw.com

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