PBF Logistics LP (NYSE: PBFX) has begun a registered underwritten public offering of 2,500,000 common units representing limited partner interests in the Partnership pursuant to an effective shelf registration statement on Form S-3 previously filed with the US Securities and Exchange Commission. The underwriter will be granted a 30-day option to purchase up to 375,000 additional common units.
The Partnership plans to use the net proceeds from this offering to fund a portion of the purchase price for its acquisition of four refined product terminals located in the greater Philadelphia, Pennsylvania, region from an affiliate of Plains All American Pipeline LP for total cash consideration of $100 million, and, pending such use, to reduce indebtedness outstanding under its revolving credit facility and for general partnership purposes. The closing of the acquisition is not conditioned on the closing of the offering, and the offering is not conditioned on the closing of the acquisition.
UBS Securities LLC is the underwriter of the offering.