Delek US Holdings prices $400 million in convertible senior notes

Delek US Holdings, Inc. has priced a private offering of $400 million in convertible senior notes due in 2031. The notes carry a 0.00% interest rate and are senior unsecured obligations guaranteed by the company’s subsidiaries.

The company has granted initial purchasers an option to buy up to an additional $60 million in notes within a 13-day period following issuance. Delek intends to use a portion of the proceeds to fund capped call transactions designed to offset potential shareholder dilution upon conversion. The remaining funds will be used for general corporate purposes, including the partial repayment of outstanding amounts under its Term Loan Credit Facility.

The initial conversion price is set at approximately $85.31 per share, representing a 27.5% premium over recent stock prices. The transaction is expected to close by late September 2026, subject to customary closing conditions.