PBF Energy Announces Notice of Full Redemption for PBF Holding 9.25% Senior Secured Notes due 2025

Rhea-AI Summary

PBF Energy Inc. announced a full redemption of its $1.25 billion 9.25% Senior Secured Notes due 2025. This action will take place on July 11, 2022, at a price of 104.625%, plus accrued interest. Wilmington Trust, National Association is the paying agent for the redemption. The company emphasizes that this announcement does not constitute a solicitation of an offer to buy securities. PBF Energy is a significant independent refiner in North America, with operations across multiple states. The company also owns a substantial stake in PBF Logistics LP.

Positive

• Full redemption of $1.25 billion in Senior Secured Notes reduces debt burden.
• Redemption price set at 104.625% indicates strong financial performance.

Negative

• None.

PARSIPPANY, N.J., June 9, 2022 /PRNewswire/ -- PBF Energy Inc. (NYSE: PBF) today announced that its indirect subsidiary, PBF Holding Company LLC ("PBF Holding"), delivered a notice of full redemption of all of the $1.25 billion in aggregate principal amount outstanding of its 9.25% Senior Secured Notes due 2025 (the "Notes") issued by PBF Holding and PBF Finance Corporation. The Notes will be redeemed on July 11, 2022 at a redemption price of 104.625%, plus accrued and unpaid interest to the date of redemption.  Wilmington Trust, National Association is the trustee for the Notes and is serving as the paying agent for the full redemption.

This press release shall not constitute a notice of redemption of the Notes, and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

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, but are not limited to, the statements regarding the redemption of the Notes in whole, part or at all. 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 disclosed in the company's filings with the SEC, as well as the risks disclosed in PBF Logistics LP's SEC filings. 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 48% of the limited partnership interest of PBF Logistics LP (NYSE: PBFX).

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SOURCE PBF Energy Inc.

FAQ

What is the redemption price for PBF Holding's Senior Secured Notes?

The redemption price is set at 104.625% plus accrued and unpaid interest.

When will PBF Holding's Senior Secured Notes be redeemed?

The Notes will be redeemed on July 11, 2022.

What is the total amount of Senior Secured Notes being redeemed by PBF Holding?

A total of $1.25 billion in aggregate principal amount is being redeemed.

Who is the paying agent for the redemption of PBF Holding's Notes?

Wilmington Trust, National Association is serving as the paying agent.

Is this redemption announcement a security solicitation?

No, the announcement does not constitute an offer to sell or solicitation to buy securities.