BRENTWOOD, Tenn., March 7,
2024 /PRNewswire/ -- Delek Logistics Partners, LP
(NYSE: DKL) ("Delek Logistics") announced today the pricing of its
underwritten public offering of 3,116,884 common units representing
limited partner interests in Delek Logistics at $38.50 per unit. The offering is being made
pursuant to an effective shelf registration statement previously
filed with the Securities and Exchange Commission (the "SEC"). A
preliminary prospectus supplement relating to the offering has also
been filed with the SEC. Delek Logistics has granted the
underwriters a 30-day option to purchase up to 467,532 additional
common units. Delek Logistics intends to use the net proceeds from
the offering (including any net proceeds from the underwriters'
exercise of their option to purchase additional common units) to
repay outstanding borrowings under its revolving credit
agreement.
None of the common units offered in the offering will be
purchased by Delek US Holdings, Inc. ("Delek Holdings"). As a
result, Delek Holdings' ownership of the outstanding Delek
Logistics common units will decline from 78.7% prior to the
offering to approximately 73.4% after the offering.
The offering is expected to settle and close on March 12, 2024, subject to the satisfaction of
customary closing conditions.
Truist Securities, BofA Securities and Raymond James are acting as joint book-running
managers for the offering. A copy of the preliminary prospectus
supplement and accompanying base prospectus relating to the
offering may be obtained from any of the underwriters, including
Truist Securities at 3333 Peachtree Road NE, 9th Floor,
Atlanta, Georgia 30326, Attention
Equity Capital Markets or by email at
TruistSecurities.prospectus@Truist.com; 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; and Raymond James at 880 Carillon Parkway,
St. Petersburg, Florida 33716 or
by email at prospectus@raymondjames.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 Holdings (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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SOURCE Delek Logistics Partners, LP