Oil refiner Delek steadies after $400 mln convertible bond sale

** Shares of oil refiner Delek US Holdings DK.N down 0.6% at $66.50 premarket on Fri after securing raise

** Co late Thurs announced pricing private offering of $400 mln 0% convertible bonds due Nov 1, 2031

** Conversion price set at $85.31, 27.5% above stock's last sale of $66.91 on Thurs

** DK's shares fell for fifth straight day on Thurs finishing down 7.4% after co unveiled the offering for general purposes, including partial repayment of term loan

** Co intends to use some proceeds to fund capped call transactions; cap price of $117.09 represents ~75% premium over stock's last close

** Through Thurs, stock surged nearly 126% YTD. That compares to 34% rise in S&P 600 Oil, Gas & Consumable Fuel index .SPSMCOIG and 123% advance in S&P 1500 Oil & Gas Refining & Marketing index .SPCOMENRM

** Avg rating of 13 analysts is "buy"; median PT of $72 up from $50 on Jun 25, per LSEG