DKL · Delek Logistics Partners, LP

Delek Logistics Partners, LP and its subsidiary Delek Logistics Finance Corp. entered into a new indenture with Regions Bank as trustee, issuing $800 million in 6.875% senior notes maturing June 1, 2034. These unsecured senior obligations are jointly and severally guaranteed by existing subsidiaries and future subsidiaries, ranking pari passu with existing senior debt. The issuance provides significant long-term capital at a fixed 6.875% rate with semi-annual payments starting December 1, 2026. Redemption flexibility includes an equity clawback up to 35% of the notes at 106.875% prior to June 1, 2029, make-whole provisions before that date, and declining call premiums thereafter (103.438% in 2029, 101.719% in 2030, par thereafter). A change of control triggering event mandates a repurchase offer at 101% of principal. The indenture imposes standard high-yield covenants restricting leverage, liens, payouts, investments, and related-party deals, with events of default including payment failures, covenant breaches, and cross-defaults exceeding $50 million. Concurrently, the Partnership closed a tender offer on May 14, 2026, accepting $270.7 million of its higher-coupon 7.125% 2028 Notes, likely optimizing its debt maturity profile and reducing near-term refinancing risk at a lower blended cost.