Delek Logistics Partners, LP Announces Closing of Public Offering of Common Units and Full Exercise of Underwriters’ Option to Purchase Additional Units
October 10 2024 - 9:50PM
Business Wire
Delek Logistics Partners, LP (NYSE: DKL) (“Delek Logistics”)
announced today that it has closed its previously announced
underwritten public offering of 4,423,075 common units representing
limited partner interests in Delek Logistics, including 576,922
common units sold pursuant to the underwriters’ full exercise of
their option to purchase additional common units, at a price of
$39.00 per unit. Delek Logistics intends to use the gross proceeds
of approximately $166 million, after underwriting fees and
commissions and before other offering-related expenses, to redeem
its outstanding convertible preferred units and to repay
outstanding borrowings under its revolving credit agreement.
Avigal Soreq, our President, and certain other of our
executives, purchased 7,177 of the common units offered in the
offering at the price offered to the public.
The offering was made pursuant to an effective shelf
registration statement previously filed with the Securities and
Exchange Commission (the “SEC”). A prospectus supplement relating
to the offering has also been filed with the SEC.
BofA Securities, Barclays, and RBC Capital Markets acted as
joint book-running managers for the offering. A copy of the
prospectus supplement and accompanying base prospectus relating to
the offering may be obtained from any of the underwriters,
including BofA Securities, NC1-022-02-25 at 201 North Tryon Street,
Charlotte, North Carolina 28255, Attention: Prospectus Department
or by email at dg.prospectus_requests@bofa.com; Barclays Capital
Inc. at c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, or by email at
Barclaysprospectus@broadridge.com, or by telephone at
(888)-603-5847; and RBC Capital Markets, LLC, attention: Equity
Capital Markets, 200 Vesey Street, New York, NY 10281, or by
telephone at (877)-822-4089 or by email at
equityprospectus@rbcm.com. You may also obtain these documents for
free when they are available by visiting the SEC’s website at
www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. The offering may be made only by means of a
prospectus and related prospectus supplement meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended (the “Securities Act”).
About Delek Logistics Partners, LP
Delek Logistics is a midstream energy master limited partnership
headquartered in Brentwood, Tennessee. Through its owned assets and
joint ventures located primarily in and around the Permian Basin,
the Delaware Basin and other select areas in the Gulf Coast region,
Delek Logistics provides gathering, pipeline, transportation, and
other services for its customers in crude oil, intermediates,
refined products, natural gas, storage, wholesale marketing,
terminalling, water disposal and recycling.
Delek US Holdings, Inc. (NYSE: DK) owns the general partner
interest as well as a majority limited partner interest in Delek
Logistics and is also a significant customer.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act, Section 21E of
the Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995, including statements
regarding the closing of the offering and the anticipated use of
the net proceeds therefrom. These statements may contain words such
as “possible,” “believe,” “should,” “could,” “would,” “predict,”
“plan,” “estimate,” “intend,” “may,” “anticipate,” “will,” “if,”
“expect” or similar expressions, as well as statements in the
future tense, are made as of the date they were first issued and
are based on current expectations, estimates, forecasts and
projections as well as the beliefs and assumptions of management.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond Delek Logistics’ control. Delek Logistics’ actual
results could differ materially from those stated or implied in
forward-looking statements due to a number of factors, including,
but not limited to, market risks and uncertainties, including those
which might affect the offering, and the impact of any natural
disasters or public health emergencies. These and other potential
risks and uncertainties that could cause actual results to differ
from the results predicted are more fully detailed in Delek
Logistics’ filings and reports with the SEC, including the Annual
Report on Form 10-K for the year ended December 31, 2023 and other
reports and filings with the SEC.
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Investor Relations and Media/Public Affairs Contact:
investor.relations@delekus.com
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