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PBF Launches Offering to Fund Deal for Exxon Assets
PBF Energy Inc. has commenced an underwritten public offering of 10,000,000 shares of its Class A common stock. The underwriters of the Offering will have an option to purchase up to 1,500,000 additional shares.
Stock price is $31.33 / share for total proceeds of $313.3 million.
The Company expects to use the net proceeds from this offering to fund a portion of the purchase price for our recently announced pending acquisition of the Torrance refinery and related logistics assets. However, subject to the timing of the closing of this acquisition, we may use the net proceeds of this offering to pay down indebtedness incurred to fund our pending acquisition of the Chalmette refinery and related logistics assets (or for capital in lieu of indebtedness we might otherwise borrow). In the event the Torrance acquisition does not close and we have not previously utilized the net proceeds from this offering, we may use them for repayment of indebtedness, working capital, capital expenditures and other general corporate purposes, including potential acquisitions. The closing of the acquisitions is not conditioned on the closing of the offering, and the offering is not conditioned on the closing of the acquisitions.
Morgan Stanley and Credit Suisse Securities (USA) LLC are acting as the co-lead managers for the offering.
/Book Runner
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