Delek extends $30 million note maturity to January 2011 from July

By Lisa Kerner

Charlotte, N.C., June 26 - Delek US Holdings, Inc. entered into an agreement with Bank Leumi USA that extends the maturity date of Delek's July 27, 2006 $30 million promissory note to Jan. 3, 2011 from July 27, 2009.

The agreement was effective as of Monday, according to a form 8-K filed on Friday with the Securities and Exchange Commission.

As part of the changes, Delek is required to make quarterly principal amortization payments of $2 million beginning April 1, 2010 under the 2006 note.

The company is also required to make quarterly amortization payments of $1 million beginning July 1, 2010 under the $20 million promissory note with Leumi dated May 12, 2008.

According to the filing, the agreement amends financial and non-financial covenants of the 2006 and 2008 notes and increases the interest rate spread under the 2006 note.

In addition, the agreement imposes a 4.5% minimum rate of interest on both notes, the filing said.

Delek is a Brentwood, Tenn.-based refiner and marketer of petroleum products in the United States.

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