HollyFrontier Corporation Announces Pricing of Senior Notes Offering

HollyFrontier Corporation (NYSE:HFC) (“HollyFrontier” or the “Company”) announced today that it has priced an offering of $750 million aggregate principal amount of its senior notes, consisting of $350 million aggregate principal amount of 2.625% Senior Notes due 2023 (the “2023 Notes”) and $400 million aggregate principal amount of 4.500% Senior Notes due 2030 (the “2030 Notes” and, together with the 2023 Notes, the “Notes”) at a price to the public of 99.894% of the principal amount of the 2023 Notes and a price to the public of 99.824% of the principal amount of the 2030 Notes. The offering is expected to close on September 28, 2020, subject to customary closing conditions.

The Company intends to use the net proceeds from the offering for general corporate purposes, which may include capital expenditures.

Interest on the Notes will be payable on April 1 and October 1 of each year. The first interest payment on the Notes will be due on April 1, 2021.

BofA Securities, Inc., Citigroup Global Markets Inc., MUFG Securities Americas Inc. and TD Securities (USA) LLC are acting as joint book-running managers for the offering. The offering is being made pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission and only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from:

BofA Securities, Inc.
NC1-004-03-43
Attn: Prospectus Department
200 North College Street, 3^rd Floor
Charlotte, North Carolina 28255-0001
Toll-free: 1-800-294-1322
E-mail: [e-mail]

Citigroup Global Markets Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Toll-free: 1-800-831-9146
E-mail: [e-mail]

MUFG Securities Americas Inc.
1221 Avenue of the Americas, 6^th Floor
New York, New York 10020
Toll-free: 1-877-649-6848
E-mail: [e-mail]

TD Securities (USA) LLC
31 W 52^nd Street
New York, New York 10019
Toll-free: 1-855-495-9846

An electronic copy of the prospectus supplement and accompanying prospectus will also be available on the website of the Securities and Exchange Commission at www.sec.gov.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale of the Notes would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.