Long-Term Obligations and Short-Term Note Payable (Notes)

12 Months Ended

Dec. 31, 2012

Long-Term Obligations

Delek Logistics Revolving Credit Facility

We entered into the Delek Logistics Revolving Credit Facility, a $175.0 million senior secured revolving credit agreement, concurrent with the completion of the offering on November 7, 2012, with Fifth Third Bank, as administrative agent, and a syndicate of lenders. We and each of our existing subsidiaries are borrowers under the Delek Logistics Revolving Credit Facility. The credit facility includes a $50.0 million sublimit for letters of credit and a $7.0 million sublimit for swing line loans. The credit agreement also contains an accordion feature whereby we can increase the size of the credit facility to an aggregate of $225.0 million, subject to receiving increased or new commitments from lenders and the satisfaction of certain other conditions precedent.

The obligations under the Delek Logistics Revolving Credit Facility are secured by a first priority lien on substantially all of our tangible and intangible assets. Delek Marketing & Supply LLC ("Marketing"), a subsidiary of Delek and an affiliate of the Partnership, provides a limited guaranty of the Partnership's obligations under the credit facility limited to an amount equal to the principal amount, including unpaid and accrued interest, of a promissory note made by Delek US Holdings in favor of Marketing (the "Holdings Note"). Marketing's guaranty is for the term of the Delek Logistics Revolving Credit Facility and is secured by Marketing's pledge of the Holdings Note to our lender. As of December 31, 2012, the principal amount of the note was $102.0 million. The Delek Logistics Revolving Credit Facility matures on November 7, 2017. Borrowings under the credit facility bear interest at either a base rate, plus an applicable margin, or a LIBOR rate, plus an applicable margin, at the election of the borrowers. The applicable margin varies based upon the Partnership's Leverage Ratio, which is defined as the ratio of total funded debt to EBITDA as of the last day of the period of the four quarters most recently ended. At December 31, 2012, the weighted average borrowing rate was approximately 2.3%. Additionally, the Delek Logistics Revolving Credit Facility requires us to pay a leverage ratio dependent quarterly fee on the average unused revolving commitment. As of December 31, 2012, this fee was 0.30% per year.

As of December 31, 2012, we had $90.0 million outstanding borrowings under the credit facility. As of December 31, 2012, we had in place letters of credit totaling $10.0 million with Fifth Third bank primarily securing obligations with respect to gasoline and diesel purchases. No amounts were outstanding under these letters of credit at December 31, 2012. Amounts available under the Delek Logistics Revolving Credit Facility as of December 31, 2012 were approximately $75.0 million.

Principal maturities of Delek's existing third party debt instruments for the next five years and thereafter are as follows as of December 31, 2012 (in thousands):



	2013	2014	2015	2016	2017	Thereafter	Total
Delek Logistics Revolving Credit Facility	—	—	—	—	90,000	—	$	90,000

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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