PBF Energy Announces Closing of Recent Equity Offering and Exercise in Full of Option to Purchase Additional Shares
PBF Energy Inc. (NYSE:PBF) (“PBF Energy”) announced today that it has
closed its previously announced underwritten public offering (the
“Offering”) of 11,500,000 shares of its Class A common stock, including
the exercise in full by the underwriters of their option to purchase up
to 1,500,000 additional shares, at $31.00 per share. Net proceeds to PBF
Energy, after deducting underwriting discounts and estimated expenses,
are expected to be approximately $344.0 million.
PBF Energy expects to use the net proceeds from the Offering to fund a
portion of the purchase price for its recently announced pending
acquisition of the Torrance refinery and related logistics assets.
However, subject to the timing of the closing of this acquisition, PBF
Energy may use the net proceeds of the Offering to pay down indebtedness
incurred to fund its pending acquisition of the Chalmette refinery and
related logistics assets (or for capital in lieu of indebtedness PBF
Energy might otherwise borrow). In the event the Torrance acquisition
does not close and it has not previously utilized the net proceeds from
the Offering, PBF Energy 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
Joint Global Coordinators and Bookrunners for the Offering; and
Barclays, Citigroup, Deutsche Bank Securities, UBS Investment Bank and
Wells Fargo Securities are acting as Joint Book-Running Managers; BNP
PARIBAS, Credit Agricole CIB, MUFG, Natixis and Scotia Howard Weil are
acting as Co-Managers. A copy of the prospectus supplement and
accompanying base prospectus relating to the Offering may be obtained by
sending a request to Morgan Stanley, Attention: Prospectus Department,
180 Varick Street, 2nd Floor, New York, New York 10014; or by sending a
request to Credit Suisse Securities (USA) LLC, Attention: Prospectus
Department, One Madison Avenue, New York, New York 10010.
These documents may also be obtained free of charge from the Securities
and Exchange Commission’s website (“SEC”) at www.sec.gov.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any of the securities described herein,
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 state or
jurisdiction. The Offering was made only by means of a prospectus and
related prospectus supplement meeting the requirements of Section 10 of
the Securities Act of 1933, as amended. The Offering was made pursuant
to an effective shelf registration statement and prospectus filed by PBF
Energy with the SEC.
Forward-Looking Statements
Statements in this press release relating to future plans, results,
performance, expectations, achievements and the like are considered
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, without limitation, the company’s expectations with
respect to timing of the completion of the proposed acquisitions; the
company’s post-acquisition plans, objectives, expectations and
intentions with respect to future earnings and operations; the company’s
plans for financing the proposed acquisitions; and the conditions to the
closing of the proposed acquisitions and the possibility that the
proposed acquisitions will not close. 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, 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 Delaware City, Delaware, Paulsboro, New Jersey
and Toledo, Ohio. PBF Energy’s mission is to operate its facilities in a
safe, reliable and environmentally sensitive manner, provide employees
with a safe and rewarding workplace, become a positive influence in the
communities where it does business, and provide superior returns to its
investors.
PBF Energy Inc. indirectly owns the general partner and approximately
53.7% of the limited partnership interest of PBF Logistics LP (NYSE:
PBFX).
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