Delek US plans $400 million convertible senior notes offering
DK•Delek US launched a private offering of $400 million in convertible senior notes due 2031, with an option for initial purchasers to buy up to $60 million more. Proceeds are earmarked for capped call transactions, general corporate purposes and partial repayment of its term loan credit facility.
1. Offering terms
The notes mature on Nov. 1, 2031, and conversion would be settled in cash or shares at Delek’s election. Redemption is barred before Nov. 6, 2029, except for a cleanup redemption under specified conditions.
2. Use of proceeds
Delek plans to use net proceeds for capped call transactions, general corporate purposes and partial repayment of its term loan credit facility.
