News Column

DELEK US HOLDINGS, INC. FILES (8-K) Disclosing Other Events

June 27, 2014



Item 8.01 Other Events.

On June 23, 2014, Lion Oil Company ("Lion Oil"), a wholly owned subsidiary of Delek US Holdings, Inc. ("Delek US"), and the lenders under Lion Oil's amended and restated financing agreement (the "Term Loan Facility") exercised the option to establish an additional $20.0 million incremental term loan, increasing the Term Loan Facility to $110.0 million and effected certain amendments to the terms and conditions of the Term Loan Facility. Bank Hapoalim B.M. is acting as the collateral agent and a lender under the Term Loan Facility, and both Israel Discount Bank of New York and Fifth Third Bank are acting as lenders. The Term Loan Facility requires Lion Oil to make 16 quarterly amortization payments of $5.5 million each commencing December 31, 2014, with the remaining principal balance to be paid at maturity. The Term Loan Facility's maturity remains at December 18, 2018, and the Term Loan Facility continues to be secured by (i) all assets of Lion Oil (excluding inventory and accounts receivable), (ii) all shares in Lion Oil, and (iii) a first priority lien on the subordinated and common units of Delek Logistics Partners, LP held by Lion Oil. Additionally, the Term Loan Facility continues to be guaranteed by Delek US and certain subsidiaries of Lion Oil. Interest on the unpaid balance of the Term Loan Facility is computed at a rate per annum equal to a LIBOR rate or a prime based reference rate, at Lion Oil's election, plus the applicable margins, subject in each case to an interest rate floor of 5.50% per annum.

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Source: Edgar Glimpses


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