Delek amends ABL facility to trim revolver commitments, amend pricing

By Marisa Wong

Morgantown, W.Va., Oct. 3 – Delek US Holdings, Inc.’s indirect wholly owned subsidiary, Delek Refining, Ltd., amended its existing ABL credit agreement to decrease the revolving loan commitments to $450 million from $600 million and to replenish the outstanding term loan to its original principal amount of $70 million.

The company entered into a joinder and first amendment to its amended and restated credit agreement dated Jan. 16, 2014 on Sept. 29, according to an 8-K filed Monday with the Securities and Exchange Commission.

The amendment also decreases the letter-of-credit sublimit to $200 million from $550 million and reduces the applicable margin for Libor revolver borrowings to a range of 125 basis points to 175 bps from a range of 200 bps to 250 bps.

The revolver is now scheduled to mature in September 2021, extended from January 2019. The term loan is subject to repayment in level principal installments, with final payment due Sept. 29, 2019.

Delek US Holdings remains a guarantor under the credit agreement, with the guaranty being limited to $15 million.

Wells Fargo Bank, NA is the administrative agent, with Wells Fargo and Bank of America, NA as co-collateral agents.

The energy company is based in Brentwood, Tenn.

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