Delek Logistics Partners Announces Pricing Of Offering Of About 3.85 Mln Units At $39.00/unit

(RTTNews) - Delek Logistics Partners LP (DKL) announced the pricing of its underwritten public offering of about 3.85 million common units representing limited partner interests in Delek Logistics at $39.00 per unit.

Delek Logistics has granted the underwriters a 30-day option to purchase up to 576,922 additional common units.

Delek Logistics intends to use the net proceeds from the offering to redeem its outstanding convertible preferred units and to repay outstanding borrowings under its revolving credit agreement.

None of the common units offered in the offering will be purchased by Delek US Holdings, Inc. As a result, Delek Holdings' ownership of the outstanding Delek Logistics common units will decline from 70.4% prior to the offering (on an as-converted basis) to approximately 65.2% after the offering.

Avigal Soreq, President and Chief Executive Officer, and certain other of our executives, have indicated an interest in purchasing up to $300,000 of the common units offered in the offering at the price offered to the public.

The offering is expected to settle and close on October 10, 2024, subject to the satisfaction of customary closing conditions.

DKL closed Tuesday's regular trading at $44.67 down $0.28 or 0.62%. In the after-hours trading, the stock further dropped $3.35 or 7.50%.