Delek US Energy shares fell 6% Thursday after the Brentwood, Tennessee-based company announced plans to offer $400 million of convertible senior notes (debt that can convert into equity) due November 1, 2031. Initial purchasers will have a 13-day option to buy an additional $60 million in principal amount. The senior unsecured notes will be convertible only if specified conditions are met before August 1, 2031, and at any time thereafter until two trading days before maturity. Delek US will settle conversions in cash and, where applicable, common stock. The company cannot redeem the notes before November 6, 2029, except through a cleanup redemption; after that date, it may redeem them in whole or in part subject to conditions. The offering is limited to qualified institutional buyers under Rule 144A of the Securities Act of 1933. Delek US operates refineries in Texas, Arkansas and Louisiana with combined nameplate crude throughput capacity of 302,000 barrels per day.