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Delek Logistics starts tender offer for 6¾% notes due 2025
By Marisa Wong
Los Angeles, Feb. 28 – Delek Logistics Partners, LP and subsidiary Delek Logistics Finance Corp. have begun a cash tender offer for any and all of their $250 million outstanding 6¾% senior notes due 2025 (Cusips: 24665FAB8, 24665FAA0), according to a Wednesday press release and an offering document.
The issuers are offering a tender consideration of $1,000.80 per $1,000 principal amount.
The issuers will also pay accrued interest.
The offer will expire at 5 p.m. ET on March 8.
Settlement is expected to occur on March 13.
There are guaranteed delivery procedures.
The tender offer is not conditioned on any minimum amount of notes being tendered.
However, the offer is contingent upon the companies completing a concurrent bond offering for net proceeds, together with other sources of liquidity, sufficient to finance the tender offer.
Concurrently with the launch of the tender offer, the companies issued a conditional notice of full redemption to redeem all outstanding notes not purchased in the tender offer.
Wells Fargo Securities, LLC (liabilitymanagement@wellsfargo.com; 704 410-4820 or 866 309-6316) is the dealer manager.
The tender agent and information agent is D.F. King & Co., Inc. (delek@dfking.com; 888 628-1041 or 212 269-5550; www.dfking.com/delek).
Delek is a midstream energy master limited partnership based in Brentwood, Tenn.
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