HOUSTON – Bracewell LLP is advising Holly Energy Partners, L.P. (NYSE: HEP) in its agreement with HEP Logistics Holdings, L.P. (HEP GP), a wholly owned subsidiary of HollyFrontier Corporation and the general partner of HEP, to eliminate the incentive distribution rights held by HEP GP and convert HEP GP’s general partner interest in HEP into a non-economic interest in exchange for the issuance by HEP of 37.25 million 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.
The transaction is expected to close during the fourth quarter of 2017.
Bracewell lawyers involved in this transaction include:
Partners: Will Anderson and Daniel E. Hemli
Counsel: Jacqueline R. Java
Associate: Ben Martin and Andrew W. Monk