PARSIPPANY, N.J., April 17, 2017 /PRNewswire/ -- PBF Logistics
LP (NYSE: PBFX) (the "Partnership") announced today that its
wholly-owned subsidiary has acquired the Toledo, Ohio, refined products terminal assets
of Sunoco Logistics LP ("Sunoco Logistics") for $10.0 million in cash. The Toledo Terminal
is directly connected to and currently supplied by PBF Energy
Inc.'s (NYSE: PBF) Toledo
refinery.
PBF Logistics GP LLC Chief Executive Officer Tom Nimbley said, "We are pleased with our
acquisition of the Toledo Terminal which is PBFX's second
third-party acquisition and third transaction completed this
year. The combined transactions represent a $15 million increase to the Partnership's
forecasted annualized EBITDA. We welcome the employees of the
terminal to the PBFX family and look forward to maximizing the
potential of our newest asset."
Located adjacent to PBF Energy's Toledo refinery, the Toledo Terminal is
comprised of a 10-bay truck rack and over 110,000 barrels of
chemicals, clean product and additive storage capacity.
Non-GAAP Measures
PBF Logistics LP Reconciliation of
amounts under US GAAP to Forecasted EBITDA (unaudited, in
millions)
Reconciliation of combined Toledo Terminal and previously
announced organic projects estimated annualized net income to
forecasted EBITDA:
Estimated net
income
|
$9.3
|
Add: Depreciation and
amortization expense
|
4.7
|
Add: Interest
expense, net and other financing costs
|
1.0
|
Forecasted
EBITDA
|
$15.0
|
The Partnership defines EBITDA as net income (loss) before net
interest expense, income tax expense, depreciation and amortization
expense. EBITDA is a non-GAAP supplemental financial measure that
management and external users of our consolidated financial
statements, such as industry analysts, investors, lenders and
rating agencies, may use to assess:
- our operating performance as compared to other publicly traded
partnerships in the midstream energy industry, without regard to
historical cost basis or financing methods;
- the ability of our assets to generate sufficient cash flow to
make distributions to our unit holders;
- our ability to incur and service debt and fund capital
expenditures; and
- the viability of acquisitions and other capital expenditure
projects and the returns on investment of various investment
opportunities.
The Partnership's management believes that the presentation of
EBITDA provides useful information to investors in assessing our
financial condition and results of operations. EBITDA should not be
considered an alternative to net income, operating income, cash
from operations or any other measure of financial performance or
liquidity presented in accordance with GAAP. EBITDA has important
limitations as an analytical tool because it excludes some but not
all items that affect net income. Additionally, because EBITDA may
be defined differently by other companies in our industry, our
definition of EBITDA may not be comparable to similarly titled
measures of other companies, thereby diminishing its utility. Due
to the forward-looking nature of forecasted EBITDA, information to
reconcile forecasted EBITDA to forecasted cash flow from operating
activities is not available as management is unable to project
working capital changes for future periods at this time.
About PBF Logistics LP
PBF Logistics LP (NYSE: PBFX),
headquartered in Parsippany, New
Jersey, is a fee-based, growth-oriented master limited
partnership formed by PBF Energy Inc. to own or lease, operate,
develop and acquire crude oil and refined petroleum products
terminals, pipelines, storage facilities and similar logistics
assets.
Forward-Looking Statements
Disclosures in this press
release contain "forward-looking statements." All statements, other
than statements of historical facts, included in this press release
that address activities, events or developments that management
expects, believes or anticipates will or may occur in the future
are forward-looking statements. Without limiting the generality of
the foregoing, forward-looking statements contained in this press
release specifically include the accretion expected to be realized
by the Partnership as a result of the acquisition and the
expectations of plans, strategies, objectives and growth and
anticipated financial and operational performance of the
Partnership and its subsidiaries. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are
beyond the control of the Partnership, which may cause actual
results to differ materially from those implied or expressed by the
forward-looking statements, and other important factors that could
cause actual results to differ materially from those projected,
including those set forth in reports filed by the Partnership with
the Securities and Exchange Commission. Any forward-looking
statement applies only as of the date on which such statement is
made and the Partnership does not intend to correct or update any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as required by law.
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SOURCE PBF Logistics LP