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PBF Energy (NYSE: PBF) and PBF Logistics (NYSE: PBFX) announced a merger agreement where PBF Energy will acquire the remaining 52.3% of PBF Logistics it does not own. Each common unit of PBF Logistics will convert to 0.270 shares of PBF Energy Class A stock and $9.25 in cash, representing a 13.2% premium over the average price prior to the announcement. This strategic acquisition aims to simplify corporate structure and enhance financial profiles. Approval from unitholders is required for completion. Barclays Capital Inc. is the financial advisor for PBF Energy.
PBF Energy Inc. (NYSE: PBF) announced the full redemption of $1.25 billion of its 9.25% Senior Secured Notes due 2025, effective July 11, 2022. The Notes were redeemed at a price of 104.625%, plus accrued interest. This strategic move allows PBF Holding Company LLC to streamline its debt obligations. PBF Energy operates oil refineries across North America, emphasizing safe and environmentally responsible operations while delivering returns to investors.
PBF Energy Inc. (NYSE:PBF) will announce its second quarter 2022 earnings results on July 28, 2022. The company will host a conference call and webcast at 8:30 a.m. ET on the same day to discuss these results and other business matters. Interested parties can join the call by dialing (877) 869-3847 or (201) 689-8261, or tune in via the company's website. PBF Energy is one of the largest independent refiners in North America, with operations across several states, including California and Louisiana. PBF Logistics LP (NYSE:PBFX) is also partially owned by PBF Energy.
PBF Logistics LP (NYSE:PBFX) will release its earnings results for Q2 2022 on July 28, 2022. A conference call will take place the same day at 11:00 a.m. ET to discuss the results and other business matters. Interested parties can access the call via PBF Logistics' website or by phone. An audio replay will be available shortly after the call concludes. PBF Logistics operates a fee-based, growth-oriented master limited partnership focused on logistics assets related to crude oil and refined petroleum products.
PBF Energy Inc. (NYSE:PBF) will participate in the J.P. Morgan Energy, Power and Renewables Conference on June 22, 2022. The conference will feature members of PBF's management team discussing the company's strategies and outlook. PBF is a leading independent refiner in North America, operating refineries in California, Delaware, Louisiana, New Jersey, and Ohio. PBF Energy also owns about 48% of PBF Logistics LP (NYSE:PBFX), enhancing its position in the energy sector.
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.
PBF Energy Inc. (NYSE:PBF) will participate in the Bank of America Energy Credit Conference on June 8, 2022. This event highlights PBF's continuous engagement with the energy sector and its commitment to operational excellence.
As one of North America's largest independent refiners, PBF operates oil refineries in states including California, Delaware, Louisiana, New Jersey, and Ohio. PBF Energy also holds approximately 48% of PBF Logistics LP (NYSE:PBFX), its logistic arm.
PBF Energy announced the successful completion of a multi-year extension of its asset-based revolving credit facility, increasing total commitments to $4.3 billion. This includes a new tranche of $2.75 billion maturing in January 2025 and an existing tranche of $1.55 billion maturing in May 2023. Erik Young, CFO, emphasized the facility's importance for liquidity and financial flexibility. The facility was arranged by a syndicate of 35 banks, led by Bank of America.
PBF Logistics LP (NYSE:PBFX) reported a net income of $36.3 million or $0.58 per common unit for Q1 2022. The company generated EBITDA of $55.9 million and Adjusted EBITDA of $56.6 million, supported by contracted volume commitments covering approximately 90% of $89.4 million total revenue. Year-to-date, debt was reduced by $25 million. A quarterly distribution of $0.30 per unit was declared, payable on May 26, 2022.
PBF Energy reported first quarter 2022 income from operations of $91.0 million, up from $57.7 million in 2021. Excluding special items, it was $141.3 million compared to a loss of $317.8 million in Q1 2021. The net loss was $3.3 million, or $(0.18) per share. Consolidated cash at quarter-end was approximately $1.4 billion. PBF reduced debt by approximately $55 million in Q1 2022. The company is enhancing profitability with a capital expenditure plan of $500-$550 million for 2022 and expects favorable refining conditions going forward.
