PBF Energy Reports Success – GuruFocus.com
PARSIPPANY, NJ, May 25, 2022 /PRNewswire/ — PBF Energy Inc. (NYSE: PBF) today announced that its subsidiary, PBF Holding Company LLC, has successfully entered into a multi-year extension of its asset-based revolving credit facility (“Credit Facility ”), with an overall commitment amount of $4.3 billion. The credit facility consists of two committed tranches, an extended tranche of $2.75 billion who will mature in January 2025 and an existing slice of $1.55 billion which keeps the current due date in May 2023. The extended portion of the credit facility may be increased under the accordion up to $2.0 billion. The credit facility was extended without any other material change to its terms.
Erik YoungChief Financial Officer of PBF Energy, said, “Our amended and extended multi-year credit facility provides more than adequate short-term liquidity and financial flexibility, and is a critical part of our ongoing efforts to strengthen the balance sheet. We thank our banking groups and appreciate their support and trust in PBF Energy.”
Bank of America, NA is the Joint Lead Arranger, Joint Bookrunner and Administrative Agent for the syndicate of 35 banks participating in the credit facility. OZK Bank; Citibank NA; MUFG Bank, Ltd. ; NYCB Specialty Finance Company, LLC; PNC Bank, North America; Bank of Regions; Royal Bank of Canada; Wells Fargo Bank, National Association acted as Joint Lead Arrangers and Joint Bookrunners. Truist Bank, NA acted as Joint Bookrunner.
Statements in this press release regarding future plans, results, performance, expectations, achievements, etc. are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown information. 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 could cause actual results to differ include, but are not limited to, risks disclosed in the Company’s filings with the SEC, and risks disclosed in the Company’s filings with the SEC by PBF Logistics LP and any impact PBF Logistics LP may have on the company. credit rating, cost of funds, employees, customers and suppliers; general securities market risk; supply, demand, prices and other market conditions for our products or crude oil; risk associated with East Coast refining reconfiguration; our expectations regarding our capital improvement and turnaround plans; risks associated with our obligation to purchase renewable identification numbers and related market risks relating to price volatility thereof; our ability to realize and realize the benefits of acquisitions or investments, including in renewable diesel generation, at any announced time or at all; the effect of the COVID-19 pandemic and related government and consumer responses; our expectations regarding capital spending and the impact of market conditions on demand for the remainder of 2022; and the impact of adverse market conditions affecting the company, unforeseen developments, regulatory approvals, changes in laws and other events that adversely impact the company. All forward-looking statements speak only as of the date hereof. The Company assumes no obligation to revise or update any forward-looking statements, except as required by applicable law.
About PBF Energy Inc.
PBF Energy Inc. (NYSE: PBF) is one of the largest independent refiners in the North Americaoperating, through its subsidiaries, petroleum 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, to provide employees with a safe and rewarding place to work, to become a positive influence in the communities where we do business and to deliver returns superior to our investors.
PBF Energy Inc. also indirectly owns the general partner and approximately 48% of the partnership interest of PBF Logistics LP (NYSE: PBFX).
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SOURCE PBF Energy Inc.