Business Wire·Sep 24, 2026, 7:15 AM ET

Delek US Holdings, Inc. Announces Proposed Offering of Convertible Senior Notes

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Delek US Holdings, Inc. intends to offer $400 million aggregate principal amount of convertible senior notes due 2031 in a private offering.
Initial purchasers may purchase up to an additional $60 million of notes within a 13-day period following the initial closing.
The notes will be senior unsecured obligations fully guaranteed by subsidiaries guaranteeing the company's term loan or revolving credit facilities.
Proceeds will fund capped call transactions to offset potential dilution upon conversion & cover general corporate purposes.
Net proceeds will also include partial repayment of amounts outstanding under the Term Loan Credit Facility, including accrued interest.
Notes mature on November 1, 2031, with conversion terms dependent on conditions prior to August 1, 2031, & available at any time thereafter until maturity.
The company may redeem notes at its option on or after November 6, 2029, or immediately if outstanding amounts fall below 10% of the initial offering.
Final interest rate, conversion rate, & other terms will be determined at the time of pricing.
Capped call transactions are expected to cover the same number of shares underlying the notes to reduce dilution or offset cash payments exceeding principal amounts.
Option counterparties may enter derivative transactions or trade shares concurrently with pricing, potentially affecting market prices of the notes or common stock.
The offering is restricted to qualified institutional buyers under Rule 144A & the notes are unregistered under the Securities Act.