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BRIEF-Holly Energy and Hollyfrontier Corp announce dropdown of Woods Cross Refinery for $275 mln

Sept 19 Hollyfrontier Corporation

* Holly Energy Partners and Hollyfrontier Corporation announce dropdown of Woods Cross refinery units for approximately $275.0 million; Holly Energy Partners announces private placement of common equity

* Co, Holly Energy to enter into 15-year tolling agreements for each respective unit containing minimum quarterly throughput commitments

* Holly Energy partners does not anticipate any further equity financing needs for remainder of 2016

* Balance of purchase price will be financed by borrowings under Holly Energy Partner's existing revolving credit agreement

* Deal for a total cash consideration of approximately $275.0 million

* Expects that transaction will be immediately accretive to unitholders

* Holly Energy agreed to private placement with certain clients of tortoise capital advisors, l.l.c. For approximately $100 million of equity Source text for Eikon: Hollyfrontier Corporation: [HFC.N ]

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