Wednesday, June 3, 2009

Holly Energy Partners buys new pipeline from Holly Corp.

DALLAS, Texas - Holly Energy Partners LP has acquired a new 16-inch pipeline from Holly Corp. that will connect Holly’s refining facilities in Lovington, N.M., to similar facilities in Artesia, N.M.
Holly Energy Partners paid $34.2 million in an all-cash transaction for the pipeline after financing the acquisition through a revolving credit facility.
In addition to the pipeline itself, Holly Energy has spent $7.9 million for pipeline infrastructure improvements between Holly's Lovington and Artesia refining facilities.

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