Delek Logistics Partners, LP 8-K

What Happened

• Delek Logistics Partners, LP (the Partnership) and its finance subsidiary issued $800,000,000 aggregate principal amount of 6.875% senior notes due June 1, 2034 under an indenture dated May 14, 2026. The notes are general unsecured senior obligations of the issuers and are unconditionally guaranteed on a senior unsecured basis by certain subsidiaries.
• Separately, the Partnership completed a cash tender offer for its 7.125% Senior Notes due 2028: it accepted $270,721,000 in principal of 2028 notes validly tendered and paid for those notes on May 14, 2026.

Key Details

• Issue size and rate: $800,000,000 of 6.875% senior notes due June 1, 2034; interest paid semi‑annually on June 1 and December 1 beginning December 1, 2026.
• Ranking and guarantees: notes are senior unsecured obligations, jointly and severally guaranteed by specified subsidiaries and will be guaranteed by certain future subsidiaries; rank equal in right of payment with other senior debt.
• Optional redemption: Issuers may redeem up to 35% of the notes prior to June 1, 2029 at 106.875% (under specified equity‑proceeds conditions) and may redeem all or part earlier or on defined dates at make‑whole or step‑down percentages (103.438% in 2029; 101.719% in 2030; 100% in 2031+).
• Change of control: holders may require repurchase at 101% of principal plus accrued interest upon a Change of Control Triggering Event.
• Tender offer result: $270,721,000 principal of 7.125% notes due 2028 were accepted and paid on May 14, 2026.

Why It Matters

• These actions add $800M of long‑dated senior unsecured debt and simultaneously retire $270.7M of 2028 notes, materially changing the company’s debt maturity profile.
• The new indenture includes customary covenants (limits on additional debt, liens, distributions, investments, mergers, asset sales and related‑party transactions) and events of default that could affect financing flexibility and holders’ remedies.
• For investors, the primary takeaways are the increased long‑term senior debt exposure, the reduction of near‑term 2028 obligations, and the contractual protections and redemption features that govern repayment and potential acceleration.