Financing ·
Delek US Holdings completes $460 million offering of 0% convertible notes due 2031 at a conversion price of $85.31
DKDelek US Holdings, Inc.
Delek US Holdings completed a private offering of $460 million aggregate principal amount of 0.00% Convertible Senior Notes due 2031 on September 29, 2026. The company received net proceeds of $449.1 million after deducting discounts and commissions. Proceeds were used to fund capped call transactions costing approximately $34.3 million and for general corporate purposes, including partial repayment of the Term Loan Credit Facility. The notes carry an initial conversion rate of 11.7219 shares per $1,000 principal amount, equivalent to a conversion price of approximately $85.31 per share, representing a 27.5% premium over the September 24 closing stock price of $66.91. The notes mature on November 1, 2031, and are fully guaranteed by subsidiaries securing the company's term loan and asset-based revolving credit facilities. Delek US Holdings operates in the downstream energy industry, owning petroleum refining, logistics, pipelines, and renewable fuels assets.