Delek's Lion Oil unit gets $90 million restated term loan due 2018

By Angela McDaniels

Tacoma, Wash., Dec. 20 - Delek US Holdings, Inc. subsidiary Lion Oil Co. entered into a $90 million amended and restated term loan due Dec. 18, 2018 on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The interest rate is Libor plus 450 basis points, subject to an interest rate floor of 5.5% per year.

Bank Hapoalim BM is the collateral agent and a lender. Israel Discount Bank of New York is a lender.

The term loan requires Lion Oil to make 16 quarterly amortization payments of $4.5 million each beginning Dec. 31, 2014, with the remaining principal balance to be paid at maturity.

The term loan is secured by all assets of Lion Oil (excluding inventory and accounts receivable), all shares in Lion Oil and a first-priority lien on the subordinated and common units of Delek Logistics Partners, LP held by Lion Oil. Additionally, Delek US and some subsidiaries of Lion Oil guarantee the term loan.

Delek US is an integrated energy business based in Brentwood, Tenn. Through Lion Oil, it owns and operates an oil refinery and a light product and asphalt distribution terminal.

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