Fifth Third Agents Delek Revolver Increase
Delek Logistics Partners announced that it increased its lender commitments under its revolving bank credit facility to $400 million from $175 million to support the future growth of its business.
The maturity date for the facility remains unchanged, expiring on November 7, 2017. Fifth Third Bank is the administrative agent. Bank of America and Royal Bank of Canada are co-syndication agents. In addition, Compass Bank, Barclays Bank, PNC Bank and RBS Citizens are co-documentation agents.
Uzi Yemin, chairman and chief executive officer of Delek Logistics’ general partner, remarked: “We appreciate the strong support from our bank group. This amendment provides additional financial flexibility to support our growth plans by increasing borrowing capacity and the allowable leverage ratio. During the third quarter of 2013, we expect to complete the first purchase of logistics assets from our sponsor, Delek US, which should provide a solid foundation for growth as we continue to explore additional third-party opportunities.”
Delek Logistics Partners is a growth-oriented master limited partnership formed by Delek US Holdings to own, operate, acquire and construct crude oil and refined products logistics and marketing assets.