Oil refiner Delek US slides after unveiling $400 mln convertible bond offering
BUZZ-Oil refiner Delek US slides after unveiling $400 mln convertible bond offering ** Shares of oil refiner Delek US Holdings DK.N slide 8.3% to $66.25 before the bell on Thurs as it seeks capital raise
** DK announces private offering of $400 mln convertible bonds (CBs) due Nov 1, 2031
** Co intends to use net proceeds for general corporate purposes, including partial repayment of term loan
** It also plans to use some proceeds to fund capped calls, derivative transactions employed to offset potential dilution
** Brentwood, Tennessee-based DK has ~$4.4 bln market cap
** DK stock, which has fallen past four sessions, had surged ~144% YTD through Weds. It hit record intraday high of $82.27 on Fri
** Of 13 analysts, 7 rate the stock "strong buy" or "buy", 5 "hold" and 1 "sell"; median PT of $72 up from $62 a month ago and $50 on Jun 24, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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See all newsOil refiner Delek steadies after $400 mln convertible bond sale
Oil refiner Delek US slides after unveiling $400 mln convertible bond offering
Brief: Delek Logistics Partners Announces Closing Of Public Offering Of Common Units And Full Exercise Of Underwriters’ Option To Purchase Additional Units
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