Delek to sell 19% of Delek US for $355m

Delek Group has increased the number of shares in the secondary offering from 7,825,000 shares to nine million shares.

Delek Group Ltd. (TASE: DLEKG) has increased the number of shares it will sell in an underwritten secondary offering byDelek US Holdings Inc. (NYSE:DK) from 7,825,000 shares to nine million shares, at $39.50 per share. The underwriters have a 30-day option to purchase up to an additional 1,350,000 shares from the seller. The offering will close on March 20.

The gross proceeds of the offering are $355.5 million, and could increase by up to $53.3 million if the underwriters exercise their option in full.

The sale amounts to 19% of Delek US. After the sale, Delek Group will own 20,186,432 shares of Delek US, amounting to 34.4% of the company.

The underwriters are Barclays Capital Inc., Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, and Goldman, Sachs & Co. The shelf registration statement,including a prospectus, for the offering filed by Delek US with the US Securities and Exchange Commission (SEC) became effective on February 7, 2011.

Published by Globes [online], Israel business news - - on March 17, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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