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Wells Fargo Agents Upsize for Holly Energy Partners

August 07, 2017, 07:00 AM
Filed Under: Energy

Holly Energy Partners entered into its third amendment to its credit facility by and among HEP Operating, as borrower, Wells Fargo Bank, National Association, as administrative agent and an issuing bank, increasing the size of its facility by $200 million and extending the maturity to July of 2022.

The Credit Agreement provides for a five-year senior secured revolving credit facility that may be used for revolving credit loans and letters of credit in an initial maximum principal amount not to exceed $1.4 billion. The sublimit for letters of credit under the Credit Agreement is $50million, which sublimit amount can be increased at the Borrower’s election up to $150million upon satisfaction of certain terms and conditions specified in the Credit Agreement. The Credit Agreement is available for general partnership purposes.

The Borrower has the right to request an increase in the maximum amount of the Credit Agreement, up to $1.7 billion. The request will become effective if (a)certain customary conditions specified in the Credit Agreement are met and (b)one or more existing lenders under the Credit Agreement or other financial institutions approved by the administrative agent commit to lend the increased amounts under the Credit Agreement.

Others parties include MUFG Union Bank as Syndication Agent; and Bank of America, Compass Bank, Citibank and Toronto-Dominion Bank as co-documentation agents.  

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