PARSIPPANY, N.J., May 22, 2017 /PRNewswire/ -- PBF Energy Inc.
(NYSE: PBF) ("PBF Energy") announced today that its indirect
subsidiary, PBF Holding Company LLC ("PBF Holding"), priced
$725 million in aggregate principal
amount of 7.25% senior notes due 2025 (the "Notes") in a private
offering. The offering is expected to close on May 30, 2017, subject to customary closing
conditions. The Notes will be co-issued by PBF Finance Corporation,
a wholly owned subsidiary of PBF Holding.
PBF Holding intends to use the net proceeds from the offering to
fund the previously announced cash tender offer for any and all of
its outstanding 8.25% senior secured notes due 2020 (the "2020
Notes"), pay the related redemption price and accrued and unpaid
interest for any 2020 Notes that remain outstanding after the
completion or termination of the tender offer, and for general
corporate purposes. The closing of the tender offer remains subject
to the satisfaction of the terms and conditions of such tender
offer. The closing of the offering of the Notes is conditioned on
the satisfaction and discharge of the 2020 Notes.
The Notes to be offered and sold have not been registered under
the Securities Act of 1933, as amended (the "Securities Act"), or
any state securities laws, and unless so registered, the Notes may
not be offered or sold in the United
States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and applicable state securities laws. The Notes
purchased by the initial purchasers will be offered and sold only
to qualified institutional buyers pursuant to Rule 144A under the
Securities Act and to persons outside the
United States pursuant to Regulation S under the Securities
Act.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any of these securities, nor shall
there be any sale of these securities in any state in which such
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such
states.
Forward-Looking Statements
Statements in this press release relating to future plans,
results, performance, expectations, achievements and the like are
considered "forward-looking statements". These forward-looking
statements include, without limitation, the company's expectations
with respect to the offering and the anticipated use of proceeds
therefrom. These forward-looking statements involve known and
unknown risks, uncertainties and other factors, many of which may
be beyond the company's control, that may cause actual results to
differ materially from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Factors and uncertainties that may cause actual results
to differ include but are not limited to the risks described above,
the risks relating to the offering not closing and the securities
market generally, and the risks disclosed in the company's filings
with the SEC. All forward-looking statements speak only as of the
date hereof. The company undertakes no obligation to revise or
update any forward-looking statements except as may be required by
applicable law.
About PBF Energy Inc.
PBF Energy Inc. (NYSE:PBF) is one of the largest independent
refiners in North America,
operating, through its subsidiaries, oil refineries and related
facilities in California,
Delaware, Louisiana, New
Jersey and Ohio. Our
mission is to operate our facilities in a safe, reliable and
environmentally responsible manner, provide employees with a safe
and rewarding workplace, become a positive influence in the
communities where we do business, and provide superior returns to
our investors.
PBF Energy Inc. also currently indirectly owns the general
partner and approximately 44.1% of the limited partnership interest
of PBF Logistics LP (NYSE: PBFX).
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SOURCE PBF Energy Inc.