S&P affirms Delek loan on add-on

S&P said it affirmed the BBB- rating on Delek US Holdings Inc.'s $700 million senior secured term loan B following news of the company's $250 million add-on.

The proceeds will be used to repay outstanding borrowings under its asset-based lending facility, S&P said.

The simulated default scenario for Delek assumes a prolonged downturn in the refining sector wherein the company's margins are low and its cash flow and liquidity are constrained by its mandatory capital spending requirements, the agency said.

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