PBF Holding Company LLC Announces Extension of Exchange Offer for 6.00% Senior Notes Due 2028

Rhea-AI Summary

PBF Holding Company LLC has extended the deadline for its exchange offer of $1 billion in 6.00% Senior Notes due 2028. The new expiration date is set for November 24, 2020. As of November 9, 2020, approximately $716.9 million of the old notes had been tendered, representing 71.69% of the total. The terms of the exchange offer remain unchanged, and the announcement clarifies that this press release does not constitute an offer.

Positive

• 71.69% of old notes tendered indicates strong market interest.

Negative

• Exchange offer extension may indicate lower than expected initial tendered amounts.

PARSIPPANY, N.J., Nov. 10, 2020 /PRNewswire/ -- PBF Holding Company LLC announced today that it has extended the deadline with respect to its offer to exchange $1,000,000,000 of its 6.00% Senior Notes due 2028 (new notes), which have been registered under the Securities Act of 1933 (Securities Act), for $1,000,000,000 of its issued and outstanding 6.00% Senior Notes due 2028, which are not registered under the Securities Act (old notes).  As a result of the extension, the exchange offer is now scheduled to expire at 5:00 p.m., New York City time, on November 24, 2020, unless further extended.

The exchange offer was scheduled to expire on November 10, 2020 at 5:00 p.m., New York City time.  As of 3:00 p.m., New York City time, on November 9, 2020, approximately $716,915,000 in aggregate principal amount, or 71.69%, of the old notes had been validly tendered and not withdrawn.  Except for the extension of the expiration date, all of the other terms of the exchange offer remain as set forth in the exchange offer prospectus, dated October 14, 2020, filed with the U.S. Securities and Exchange Commission, and the related letter of transmittal.

This press release is not an offer to exchange the new notes for the old notes or the solicitation of an offer to exchange, which we are making only through the exchange offer prospectus.

For copies of the exchange offer documents or additional information, please contact the Exchange Agent, Deutsche Bank Trust Company Americas, at:

c/o DB Services Americas, Inc.
Attn: Reorg Dept
5022 Gate Parkway, Suite 200
Jacksonville, FL 32256
Tel: (877) 843-9767

About PBF Holding Company LLC

PBF Holding Company LLC is an indirect subsidiary of PBF Energy Inc. (NYSE: PBF), 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 new expiration date for PBF Holding's exchange offer for Senior Notes?

The new expiration date is November 24, 2020.

How much of the old notes has been tendered as of November 9, 2020?

Approximately $716.9 million, or 71.69%, of the old notes had been tendered.

What is the total amount involved in PBF Holding's exchange offer?

The total amount involved is $1 billion.

What are the terms of PBF Holding's exchange offer for notes?

All terms remain as set forth in the exchange offer prospectus dated October 14, 2020.

Is the announcement an offer to exchange new notes for old notes?

No, the press release clarifies that it is not an offer to exchange.