Are there any covenants or restrictions that could be triggered by the tender offer completion?

Yes – the completion of the cash‑tender offer can activate a handful of standard debt‑covenants and contractual restrictions, even though the press release does not spell them out.

When a company redeems “any and all” of its outstanding notes, the underlying credit agreements that govern those securities typically contain “redemption‑event” covenants. Those covenants may (i) trigger a cross‑default clause that accelerates any other indebtedness, (ii) require the issuer to maintain a minimum leverage or liquidity ratio on a post‑redemption basis, and (iii) impose a “no‑new‑debt” restriction for a set period (often 30–90 days) after a full‑redemption. In HF Sinclair’s case, the tender offer eliminates the entire series of senior unsecured notes, so the company will need to re‑run its leverage, net‑income, and cash‑flow tests to confirm compliance with any existing senior‑lender covenants. If the redemption pushes the leverage ratio below the required threshold, the company may have to seek a covenant waiver or a temporary suspension of the “no‑new‑debt” restriction.

Trading implications:

* Short‑term: The market will likely price in the cash outflow required to retire the notes (≈ $ X million) and the associated covenant‑reset risk. Expect modest upside on the equity if the redemption improves the capital‑structure profile and removes a high‑coupon liability, but be wary of a potential “covenant‑waiver” premium if rating agencies flag a breach.

* Medium‑term: Monitor HF Sinclair’s next quarterly filing for updated leverage ratios and any disclosed covenant waivers. A clean covenant reset would support a neutral‑to‑bullish stance, whereas a breach or a prolonged “no‑new‑debt” lock‑up could cap upside and create downside pressure if the company must refinance at higher rates.

Actionable take‑away: Keep the stock in a “watch‑list” for covenant‑related developments. If the company announces a waiver or a rating downgrade within the next 4‑6 weeks, consider a defensive position; if the post‑redemption leverage comfortably clears covenant thresholds, a modest long‑position could be justified.