Benzinga | Aug 13, 2020 04:47PM EDT

Delek US And Delek Logistics Announce Elimination Of Incentive Distribution Rights

BRENTWOOD, Tenn., Aug. 13, 2020 /PRNewswire/ --Delek US Holdings, Inc. (NYSE:DK) ("Delek US") and Delek Logistics Partners, LP (NYSE:DKL) ("Delek Logistics") today announced the execution and closing of a definitive agreement to eliminate all incentive distribution rights (IDRs) in Delek Logistics held by its general partner (GP) and convert its 2.0% economic general partner interest into a non-economic general partner interest in exchange for 14 million newly issued DKL common limited partner units and $45 million in cash. The newly issued DKL common limited partner units have a total equity value of approximately $484 million based on the DKL common limited partner unit closing price of $34.59 on August 12, 2020, or $442 million based on a 10-day volume weighted average price of $31.56.