DKL · Delek Logistics Partners, LP

This financing event represents a strategic debt refinancing initiative by Delek Logistics Partners, LP to extend maturities and manage near-term debt obligations. The issuance of $800 million in 6.875% senior notes due 2034 replaces higher-cost debt, including the 7.125% 2028 notes and a $400 million portion of the 8.625% 2029 notes. The conditional redemption notice—tied explicitly to the successful closing of the new offering on May 14, 2026—highlights execution dependency: failure to close would leave the 2029 notes outstanding and defer refinancing benefits. The redemption price of 104.313% reflects a premium consistent with the 2029 notes’ current yield-to-call and indicates a deliberate trade-off between near-term cash outflow and longer-term interest savings. Proceeds allocation prioritizes debt retirement over growth investments, signaling a focus on balance sheet optimization rather than expansion. As noted in Exhibit 99.1, the offering is exempt from registration under Rule 144A and Regulation S, limiting investor access to qualified institutional buyers and non-U.S. persons—reinforcing the private, targeted nature of the capital raise. No forward-looking guidance, earnings impact quantification, or covenant disclosures are provided in the filing, leaving investors to assess implications based on stated terms and historical debt service costs.