Delek Logistics to pay down term loan A, revolver with notes proceeds

By Sara Rosenberg

New York, Feb. 28 – Delek Logistics plans to repay its existing term loan A due 2025 and some revolving credit facility borrowings using a portion of the proceeds from a $650 million senior notes offering, according to a market source.

The notes were upsized from $550 million.

Remaining proceeds from the notes will be used to refinance 6¾% senior notes due 2025, to pay transaction related fees and expenses, and for general corporate purposes.

As of Dec. 31, the company had $281.3 million outstanding under the term loan, $250 million of 6¾% senior notes outstanding and $780.5 million drawn under its revolver.

Delek is a Brentwood, Tenn.-based owner, operator, acquirer and constructer of crude oil and refined products logistics and marketing assets.

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