Hf Sinclair Corporation · NYSE:DINO
Hf Sinclair — HollyFrontier — Merger or Acquisition (October 2017)
6 slides from Hf Sinclair's merger presentation, Oct 19, 2017
Slide 1: IDR Simplification
IDR Simplification October 19, 2017 Management Call: 8:30am EST Title Blue: 23,55,94 Orange: 230,175,109 Grey: 127,127,127 Light Blue: 114,164,183 Brown: 148,126,103 https://event.webcasts.com/starthere.jsp?ei=1166751&tp_key=6c5a60ca42
Slide 2: HollyFrontier Disclosure Statement
The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: The statements made during the course of this presentation relating to matters that are not historical facts are “forward-looking statements” based on management’s beliefs and assumptions using cur
Slide 3: Strategic Rationale
3 IDR restructuring is expected to improve the long-term cost of capital, simplify HEP’s corporate structure, and provide stronger alignment of the GP and LP interests • Eliminates IDR “drag,” which lowers the cost of equity • Decreases HEP cost of equity from 11% to 7.5% pro forma 1 • Enhances abil
Slide 4: IDR Restructuring, Distribution Waiver, Valuation and Closing
4 IDR RESTRUCTURING • At closing, HEP will issue 37,250,000 HEP common units to its general partner, a wholly- owned subsidiary of HFC in exchange for the elimination of HEP’s IDRs held by the general partner and conversion of the 2% GP interest in HEP into a non-economic interest • Pro forma HFC wi
Slide 5: Pro Forma Ownership Structure
5 Pro Forma Ownership Structure HOLLY ENERGY PARTNERS, L.P. (HEP) PUBLIC GENERAL PARTNER (GP) HEP LOGISTIC SERVICES, L.P. HOLLYFRONTIER CORPORATION (HFC) 100% Interest 100% Non- Economic GP Interest 41.9mm HEP units, 41% LP Interest 59.6mm HEP units, 59% LP Interest
Slide 6: HollyFrontier and Holly Energy Partners contact details
HollyFrontier Corporation (NYSE: HFC) Holly Energy Partners, L.P. (NYSE: HEP) 2828 N. Harwood, Suite 1300 Dallas, Texas 75201 www.hollyfrontier.com www.hollyenergy.com Craig Biery | Director, Investor Relations investors@hollyfrontier.com 214-954-6510 Jared Harding | Investor Relations investors@hol