Delek Logistics Partners, LP (NYSE: DKL) closed an underwritten public offering of 4,600,000 common units at $50.00 per unit, including 600,000 units sold through the full exercise of the underwriters' option to purchase additional units.

The offering generated gross proceeds of approximately $230 million, with net proceeds of approximately $220.8 million after underwriting fees and commissions. The company said it intends to use the proceeds to repay outstanding borrowings under its revolving credit agreement and for general partnership purposes.

Delek US Holdings, Inc. (NYSE: DK), the parent company, did not purchase any units in the offering. As a result, Delek Holdings' ownership stake in Delek Logistics common units declined from 63.0% to approximately 58.0% following the closing.

Truist Securities, Mizuho, and Raymond James & Associates acted as joint book-running managers for the offering, which was made pursuant to a shelf registration statement filed with the Securities and Exchange Commission.

Delek Logistics is a midstream energy master limited partnership headquartered in Brentwood, Tennessee, providing gathering, transportation, storage, and water disposal services primarily in the Permian Basin and Gulf Coast region.