By Stephen Nakrosis
Shares of Delek Logistics Partners were trading in the red in the after-hours market following news the company commenced an underwritten public offering of $150 million of common units.
After the bell, Delek shares had fallen 9.5% to trade at $40.40. They finished Tuesday's regular session at $44.67, declining by less than 1% during the session.
Proceeds from the offering will be used to redeem outstanding convertible preferred units and to repay outstanding borrowings, the company said.
The midstream energy master limited partnership has a market cap of $2.12 billion, 47.23 million shares outstanding and a public float of 12.28 million shares.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
October 08, 2024 16:31 ET (20:31 GMT)
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