DK · Delek US Holdings, Inc.

Delek US Holdings secured significantly improved liquidity and financing terms through Amendment No. 4 to its ABL Credit Agreement dated October 26, 2022. The $150 million increase in revolving commitments to $1,250 million provides greater borrowing capacity for operational needs. The nearly four-year maturity extension to April 9, 2031 reduces refinancing risk, though the springing maturity tied to the term loan (triggering if over $500 million outstanding) maintains discipline on senior debt management. The 0.25% interest rate margin reduction lowers borrowing costs, enhancing interest expense efficiency. Enhanced incremental capacity up to $750 million or tied to EBITDA and availability offers future flexibility for growth or working capital. The fixed charge covenant activates only in low-liquidity scenarios (below $90 million or 10% of limits) and is tested quarterly, balancing lender protection with borrower operational freedom. First-priority security on core assets including accounts, inventory, and equipment underscores the facility's seniority in the capital structure, while customary covenants limit excessive leverage and risk-taking. This amendment signals strong lender confidence in Delek's operations and collateral, positioning the company with extended runway and cost savings amid its energy sector activities.