Press Release

Morgan Lewis Advises HollyFrontier Corporation in IDR Simplification Agreement with Holly Energy Partners

October 19, 2017

PHILADELPHIA, October 19, 2017: Morgan Lewis represented HollyFrontier Corporation in an equity restructuring agreement between Holly Energy Partners (HEP) and HEP Logistics Holdings, L.P. (HEP GP), a wholly-owned subsidiary of HollyFrontier and the general partner of HEP.

The agreement eliminates the incentive distribution rights held by HEP GP and converts HEP GP’s 2% general partner interest in HEP into a non-economic interest in exchange for the issuance by HEP of 37,250,000 of its common units to HEP GP, representing total equity value of $1.25 billion based on HEP’s previous closing day price of $33.56. Closing of the transaction is expected to occur in the fourth quarter of 2017. View the HollyFrontier release for more information about the transaction.

The Morgan Lewis team was led by partner Benjamin Wills and associate Conor Larkin.