Ole Miss (8-1) held an 11-point lead at the half, but the Lions (5-5) closed the game to within 69-68 with 3:06 to play. However, guards Jarvis Summers and Nick Williams both knocked down clutch jumpers in the final three minutes to seal the Rebel victory.
With 14 rebounds, Holloway moved passed John Stroud and Joe Gibbon for second place on the Ole Miss rebound list with 837 career boards. The senior now only trails Walter Actwood's school record of 945 career boards.
The Rebels led 29-25 with less than four minutes remaining in the first half, but closed the half on a 15-8 run for a 44-33 halftime lead aided by a pair of 3-pointers from Henderson, who led the Rebels with 12 points in the first half including three 3s.
Williams scored 13 points for the Rebels, while Summers added 12 points and senior Reginald Buckner chipped in nine points and pulled down 10 boards.
Anthony Ireland paced Loyola Marymount with 17 points and nine rebounds, while Ayodeji Egbeyemi scored in 14 points.
The Rebels continue their west coast road swing with a trip to Hawaii for the Diamond Head Classic beginning on Saturday. Ole Miss will face Indiana State in the first round and San Diego State or San Francisco in the second round on Sunday. The championship round is set for Tuesday.