PBF Energy Announces Pricing of Upsized $800 Million of Senior Notes due 2030
PBF Energy (NYSE:PBF) has announced the pricing of an upsized $800 million senior notes offering through its indirect subsidiary, PBF Holding Company The notes, due 2030, carry a 9.875% interest rate and are priced at 98.563% of face value.
The offering, expected to close on March 17, 2025, will be co-issued by PBF Finance The proceeds will be used to repay outstanding borrowings under its asset-based revolving credit facility and for general corporate purposes. The notes will be offered privately to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act.
PBF Energy (NYSE:PBF) ha annunciato la determinazione del prezzo di un emissione di note senior da 800 milioni di dollari attraverso la sua controllata indiretta, PBF Holding Company. Le note, con scadenza nel 2030, hanno un tasso d'interesse del 9,875% e sono valutate al 98,563% del valore nominale.
L'emissione, che si prevede si chiuderà il 17 marzo 2025, sarà co-emessa da PBF Finance. I proventi saranno utilizzati per ripagare i prestiti in essere sotto la sua linea di credito revolving basata sugli attivi e per scopi aziendali generali. Le note saranno offerte privatamente a compratori istituzionali qualificati ai sensi della Regola 144A e a persone non statunitensi ai sensi della Regolamentazione S del Securities Act.
PBF Energy (NYSE:PBF) ha anunciado la fijación del precio de una emisión de notas senior de 800 millones de dólares a través de su subsidiaria indirecta, PBF Holding Company. Las notas, con vencimiento en 2030, tienen una tasa de interés del 9,875% y están valoradas al 98,563% del valor nominal.
Se espera que la emisión se cierre el 17 de marzo de 2025 y será coemitida por PBF Finance. Los ingresos se utilizarán para pagar los préstamos pendientes bajo su línea de crédito revolvente basada en activos y para fines corporativos generales. Las notas se ofrecerán de manera privada a compradores institucionales calificados bajo la Regla 144A y a personas no estadounidenses bajo la Regulación S de la Ley de Valores.
PBF 에너지 (NYSE:PBF)는 8억 달러 규모의 선순위 채권 발행 가격을 발표했습니다. 이는 간접 자회사인 PBF 홀딩 컴퍼니를 통해 이루어졌습니다. 2030년 만기인 이 채권은 9.875%의 이자율을 가지고 있으며 액면가의 98.563%로 가격이 책정되었습니다.
이번 발행은 2025년 3월 17일에 마감될 것으로 예상되며, PBF 파이낸스에 의해 공동 발행됩니다. 수익금은 자산 기반 회전 신용 시설에 대한 미지급 대출 상환 및 일반 기업 용도로 사용될 예정입니다. 이 채권은 규칙 144A에 따라 자격을 갖춘 기관 투자자에게 비공식적으로 제공되며, 증권법의 규정 S에 따라 비미국인에게도 제공됩니다.
PBF Energy (NYSE:PBF) a annoncé le prix d'une émission de notes senior de 800 millions de dollars par le biais de sa filiale indirecte, PBF Holding Company. Les notes, arrivant à échéance en 2030, portent un taux d'intérêt de 9,875% et sont évaluées à 98,563% de leur valeur nominale.
L'émission, qui devrait se clôturer le 17 mars 2025, sera co-émise par PBF Finance. Les produits seront utilisés pour rembourser les emprunts en cours dans le cadre de sa facilité de crédit renouvelable basée sur les actifs et pour des fins d'entreprise générales. Les notes seront offertes en privé à des acheteurs institutionnels qualifiés en vertu de la règle 144A et à des personnes non américaines en vertu de la réglementation S de la loi sur les valeurs mobilières.
PBF Energy (NYSE:PBF) hat die Preisgestaltung für ein erhöhtes Angebot von 800 Millionen Dollar an vorrangigen Anleihen über ihre indirekte Tochtergesellschaft, PBF Holding Company, bekannt gegeben. Die Anleihen, die 2030 fällig werden, haben einen Zinssatz von 9,875% und sind zu 98,563% des Nennwerts bewertet.
Das Angebot, das voraussichtlich am 17. März 2025 abgeschlossen wird, wird gemeinsam von PBF Finance ausgegeben. Die Erlöse werden verwendet, um ausstehende Darlehen unter ihrer asset-basierten revolvierenden Kreditfazilität zurückzuzahlen und für allgemeine Unternehmenszwecke. Die Anleihen werden privat an qualifizierte institutionelle Käufer gemäß Regel 144A und an Nicht-US-Personen gemäß der Regulierung S des Wertpapiergesetzes angeboten.
- Successful upsizing of debt offering to $800 million indicates strong market demand
- Refinancing of revolving credit facility debt with longer-term notes improves debt structure
- High interest rate of 9.875% represents significant debt servicing cost
- Notes priced at a discount (98.563%) indicates less favorable terms
- Additional long-term debt could increase financial leverage and risk
Insights
PBF Energy's $800 million senior notes offering represents a significant capital structure event for the refiner. The 9.875% interest rate coupled with the 98.563% issue price creates an effective yield exceeding 10%, reflecting a substantial risk premium in today's debt markets. This transaction will generate annual interest obligations approaching
The upsized offering (larger than originally planned) suggests strong investor demand, a positive signal about market confidence. However, the high yield requirements indicate lenders demanded premium compensation for perceived risk. Using proceeds to repay the asset-based revolving credit facility represents a strategic pivot from potentially variable short-term debt to fixed long-term obligations through 2030.
This refinancing creates a double-edged outcome: while it potentially improves PBF's debt maturity profile and immediate liquidity position, it simultaneously locks in a high fixed interest burden for five years. This reduces financial flexibility during industry downturns and constrains capital allocation options.
The magnitude of this debt issuance – approximately
The Notes will be offered in a private placement and are expected to be resold by the initial purchasers to qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") and to non-
This press release is being issued pursuant to Rule 135c under the Securities Act, and is neither an offer to sell nor a solicitation of an offer to buy the Notes and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of any Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, qualification or exemption under the securities laws of any such 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, without limitation, the risks relating to the offering not closing, the securities markets generally and the company's expectations with respect to the timing and size of the proposed offering and the anticipated use of proceeds therefrom. 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. 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 securities laws.
About PBF Energy Inc.
PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in
PBF Energy is also a
Contacts:
Colin Murray (investors)
ir@pbfenergy.com
Tel: 973.455.7578
Michael C. Karlovich (media)
mediarelations@pbfenergy.com
Tel: 973.455.8981
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SOURCE PBF Energy Inc.
FAQ
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