It said, "On December 29, 2008, Delek US Holdings Inc. entered into an amendment to its credit agreement dated March 30, 2007 with Lehman Commercial Paper Inc., as administrative agent, Lehman Brothers Inc. as arranger and joint book runner and JPMorgan Chase Bank NA as documentation agent, arranger and joint book runner. Among other things, the amendment permits [image-nocss] Delek US to incur an additional $60 million in third-party debt and increases the amount of assets that Delek US and its subsidiaries are permitted to divest per calendar year. LBI serves as advisor, sole lead arranger and sole bookrunner and LCPI serves as administrative agent under the senior secured credit facility for MAPCO Express, Inc., a wholly-owned subsidiary of Delek US."
It added, "On December 30, 2008, Delek Finance Inc., a wholly owned subsidiary of Delek US, entered into a $15 million promissory note and a $30 million amended and restated term loan note with Israel Discount Bank of New York. The $15 million note matures on December 31, 2009. The amended and restated note matures on December 31, 2011, and replaces the $30 million promissory note between the parties dated May 23, 2006, which would have matured on May 30, 2009.
McClatchy-Tribune Information Services reported that Israel-based Delek Group Ltd., controlled by Yitzhak Tshuva, has announced that the company's board of directors has approved a plan to purchase tradable bonds and shares of the company worth up to NIS 100 million ($26.1 million U.S.).
The acquisition will be implemented by the company itself or one of its fully owned subsidiaries. The purchase will be made during trading on the TASE, Israel's stock exchange, or outside of stock market trading in according to considerations decided upon by Delek's board of directors. The purchases will be made from time to time during 2009 and possibly afterwards.
In a statement about the purchase, the board of directors said, "by the company's own bonds will improve the company's profitability and financial strength, and improve the ratio of the debt structure to the company's finances and it represents a real business and economic opportunity."
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Delek US is a diversified energy business focused on petroleum refining, marketing and supply of refined products and retail marketing of fuel and general merchandise. The refining segment operates a high conversion, independent refinery, with a design crude distillation capacity of 60,000 barrels per day, in Tyler, Texas. The marketing and supply segment markets refined products through its terminals in Abilene, Texas, and San Angelo, Texas, as well as other third-party terminals. The retail segment markets gasoline, diesel and other refined petroleum products and convenience merchandise through a network of 497 company-operated retail fuel and convenience stores located in Alabama, Arkansas, Georgia, Kentucky, Louisiana, Mississippi, Tennessee and Virginia, operated under the MAPCO Express, MAPCO Mart, East Coast, Discount Food Mart, Fast Food and Fuel and Favorite Markets brand names.
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