PBF Energy Inc. (NYSE:PBF) (“PBF Energy”) announced today that it has
priced its previously announced underwritten public offering (the
“Offering”) of 10,000,000 shares of its Class A common stock at $31.00
per share. The underwriters of the Offering have a 30-day option to
purchase up to 1,500,000 additional shares. The Offering is expected to
close on October 13, 2015, subject to customary closing conditions.
PBF expects to use the net proceeds from the 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 the 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 the 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
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 preliminary prospectus supplement
and accompanying base prospectus relating to the Offering may be
obtained, when available, 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 when they are
available 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 will be 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 is 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. Our mission is to operate our 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 we do business, and provide superior returns to our
investors.
PBF Energy Inc. indirectly owns the general partner and approximately
53.7% of the limited partnership interest of PBF Logistics LP
(NYSE:PBFX).
View source version on businesswire.com: http://www.businesswire.com/news/home/20151006006977/en/
Copyright Business Wire 2015