Delek US Holdings, Inc. 8-K

What Happened

• On April 9, 2026, Delek US Holdings, Inc. announced Amendment No. 4 to its Third Amended and Restated Credit Agreement (the ABL Credit Agreement) with Wells Fargo Bank, N.A., as administrative agent and certain lenders. The amendment increases the company’s revolving loan commitments, extends the maturity date, reduces interest margins, and updates certain covenant and reporting thresholds. The full amendment is filed as Exhibit 10.1 to the Form 8‑K.

Key Details

• Revolving Facility increased from $1,100.0 million to $1,250.0 million.
• Revolver maturity extended from October 26, 2027 to April 9, 2031 (subject to a springing 90‑day earlier maturity tied to the company’s term loan balance condition).
• Interest rate margins on the Revolving Facility reduced by 0.25%.
• Incremental capacity added: the company may increase revolving borrowings by up to the greater of (i) $750.0 million, (ii) 100% of most-recent-quarter EBITDA, or (iii) adjusted availability plus any suppressed availability, subject to conditions.
• The ABL requires a minimum Fixed Charge Coverage Ratio of 1.00:1.00 when excess availability falls below the greater of $90.0 million or 10% of the loan limit; under the amendment this covenant will be tested quarterly.
• Obligations under the ABL are secured by first‑priority liens on substantially all tangible and intangible assets, subject to customary exceptions.

Why It Matters

• The amendment increases liquidity and extends the timeline for the company’s short‑term credit facility, which can reduce near‑term refinancing pressure.
• A lower interest margin modestly lowers borrowing costs on revolver usage.
• Expanded incremental capacity provides optionality to borrow more if needed, subject to conditions.
• The secured nature of the facility and the covenant testing (Fixed Charge Coverage Ratio at 1.00:1.00 when availability is low) are important limits and protections for lenders that investors should note.