PBF Logistics LP (NYSE: PBFX, “PBF Logistics”), a limited partnership
formed by subsidiaries of PBF Energy Inc. (NYSE: PBF, “PBF Energy”),
today announced that it has completed its initial public offering of
15,812,500 common units representing limited partner interests, at
$23.00 per unit, pursuant to a Registration Statement on Form S-1
previously filed with the U.S. Securities and Exchange Commission
(“SEC”). The number of units issued at closing included 2,062,500 common
units issued pursuant to full exercise of the underwriters' option to
purchase additional common units. The common units are traded on the New
York Stock Exchange under the symbol "PBFX."
Net proceeds received by PBF Logistics from the sale of the 15,812,500
common units totaled approximately $341.0 million, after deducting the
underwriting discount and structuring fee, but before taking into
account estimated offering expenses. As of the closing of the offering,
the public owns a 49.8% limited partner interest in PBF Logistics. PBF
Energy, through certain of its subsidiaries, owns the remaining limited
partner interests in PBF Logistics, the non-economic general partner
interest and all of the incentive distribution rights.
Barclays and UBS Investment Bank served as joint bookrunners and
structuring agents of the offering. Citigroup, Credit Suisse, Deutsche
Bank Securities, Morgan Stanley and Wells Fargo Securities served as
joint bookrunners of the offering.
A registration statement on Form S-1 relating to these units has been
filed with, and declared effective by, the SEC. This press release shall
not constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any state or
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 jurisdiction. Any offering of common units
will be made only by means of a prospectus. Copies of the final
prospectus related to the offering may be accessed through the SEC’s
website at http://www.sec.gov,
or obtained from the offices listed below:
Barclays
Attention: Prospectus Department
c/o Broadridge
Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Toll-free
number: (888) 603-5847
Email: Barclaysprospectus@broadridge.com
UBS Investment Bank
Attention: Prospectus Department
299 Park
Avenue
New York, NY 10171
Toll-free number: (888) 827-7275
Citigroup
c/o Broadridge Financial Solutions
1155 Long Island
Avenue
Edgewood, NY 11717
Toll-free number: (800) 831-9146
Email:
batprospectusdept@citi.com
Credit Suisse
c/o Prospectus Department
One Madison Avenue,
Level B1
New York, NY 10010
Toll-free number: (800) 221-1037
Email:
Newyork.prospectus@credit-suisse.com
Deutsche Bank Securities
Attention: Prospectus Group
60 Wall
Street
New York, NY 10005-2836
Toll-free number: (800) 503-4611
Email:
prospectus.CPDG@db.com
Morgan Stanley
Attention: Prospectus Dept.
180 Varick Street,
2nd floor
New York, NY 10014
Wells Fargo Securities
Attention: Equity Syndicate Dept.
375
Park Ave.
New York, NY 10152
Toll-free number: (800) 326-5897
Email:
cmclientsupport@wellsfargo.com
PBF Logistics LP
PBF Logistics LP, headquartered in Parsippany, New Jersey, is a
fee-based, growth-oriented master limited partnership formed by PBF
Energy to own or lease, operate, develop and acquire crude oil and
refined petroleum products, terminals, pipelines, storage facilities and
similar logistics assets.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements (as that term is
defined under the federal securities laws) made by the company and its
management. Such statements are based on current expectations, forecasts
and projections, including, but not limited to, anticipated financial
and operating results, plans, objectives, expectations and intentions
that are not historical in nature. Forward-looking statements should not
be read as a guarantee of future performance or results, and may not
necessarily be accurate indications of the times at, or by which, such
performance or results will be achieved. Forward-looking statements are
based on information available at the time, and are subject to various
risks and uncertainties, including the inability to complete the initial
public offering of PBF Logistics, risks relating to the securities
markets generally, the impact of adverse market conditions impacting PBF
Energy’s and/or PBF Logistics’ logistics and other assets and other
risks inherent in PBF Energy’s and PBF Logistics’ business. For more
information concerning factors that could cause actual results to differ
from those expressed or forecasted, see PBF Energy’s annual reports on
Form 10-K and quarterly reports on Form 10-Q and the registration
statement on Form S-1 filed by PBF Logistics with the Securities and
Exchange Commission. Forward-looking statements reflect information,
facts and circumstances only as of the date they are made. Neither PBF
Energy nor PBF Logistics assumes any responsibility or obligation to
update forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors affecting forward-looking
information after such date.
Copyright Business Wire 2014