PBF Logistics prices upsized offering of $350M of senior notes

PBF Logistics LP (NYSE: PBFX) and its wholly owned subsidiary, PBF Logistics Finance Corp., has priced $350 million in aggregate principal amount of 6.875% senior notes due 2023 at par. This represents an increase of $50 million over the aggregate principal amount previously announced.

The initial purchasers in the offering agreed to purchase approximately $330.1 million aggregate principal amount of 2023 notes and certain of PBF Energy Inc.’s officers and directors and their affiliates and family members agreed to purchase the remaining $19.9 million aggregate principal amount of 2023 notes in a separate private placement transaction.

The offering is expected to close on May 12.

PBF Logistics intends to use the net proceeds from the offering to repay a portion of the outstanding balance under its revolving credit facility, to pay a portion of the cash consideration payable by PBF Logistics in the pending acquisition of the Delaware City Products Pipeline and Truck Rack from PBF Energy, and for general partnership purposes.

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