May 5, 2009 (FinancialWire) — Holly Energy Partners, L.P. (NYSE: HEP) plans to offer two million common units representing limited partner interests in the partnership in a public offering. Goldman, Sachs & Co. (NYSE: GS) and UBS Investment Bank (NYSE: UBS) are acting as joint book-running managers.

The partnership plans to grant the underwriters a 30-day option to purchase up to 300,000 additional common units.

Holly plans to use the net proceeds from the offering to repay indebtedness and for general partnership purposes.

Dallas-based Holly Energy Partners provides petroleum product and crude oil transportation, tankage and terminal services to the petroleum industry, including Holly Corp., which currently owns a 46% interest in the partnership.

The Partnership owns and operates petroleum product and crude pipelines, tankage and terminals located in Texas, New Mexico, Arizona, Washington, Idaho and Utah. It also owns a 70% interest in Rio Grande Pipeline, a transporter of LPGs from West Texas to Northern Mexico, and a 25% interest in SLC Pipeline, a transporter of crude oil into the Salt Lake City area.

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