PARSIPPANY, N.J., April 17, 2017 /PRNewswire/ -- PBF
Logistics LP (NYSE: PBFX) (the "Partnership") announced today that its wholly-owned subsidiary has acquired the Toledo, Ohio, refined products terminal assets of Sunoco Logistics LP ("Sunoco Logistics") for $10.0 million in cash. The Toledo Terminal is directly connected to and currently supplied by PBF Energy
Inc.'s (NYSE: PBF) Toledo refinery.
PBF Logistics GP LLC Chief Executive Officer Tom Nimbley said, "We are pleased with our
acquisition of the Toledo Terminal which is PBFX's second third-party acquisition and third transaction completed this
year. The combined transactions represent a $15 million increase to the Partnership's
forecasted annualized EBITDA. We welcome the employees of the terminal to the PBFX family and look forward to maximizing
the potential of our newest asset."
Located adjacent to PBF Energy's Toledo refinery, the Toledo Terminal is comprised of a
10-bay truck rack and over 110,000 barrels of chemicals, clean product and additive storage capacity.
Non-GAAP Measures
PBF Logistics LP Reconciliation of amounts under US GAAP to Forecasted EBITDA (unaudited, in millions)
Reconciliation of combined Toledo Terminal and previously announced organic projects estimated annualized net income to
forecasted EBITDA:
Estimated net
income
|
$9.3
|
Add: Depreciation and amortization
expense
|
4.7
|
Add: Interest expense, net and other financing
costs
|
1.0
|
Forecasted
EBITDA
|
$15.0
|
The Partnership defines EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and
amortization expense. EBITDA is a non-GAAP supplemental financial measure that management and external users of our consolidated
financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:
- our operating performance as compared to other publicly traded partnerships in the midstream energy industry, without
regard to historical cost basis or financing methods;
- the ability of our assets to generate sufficient cash flow to make distributions to our unit holders;
- our ability to incur and service debt and fund capital expenditures; and
- the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment
opportunities.
The Partnership's management believes that the presentation of EBITDA provides useful information to investors in assessing
our financial condition and results of operations. EBITDA should not be considered an alternative to net income, operating
income, cash from operations or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA
has important limitations as an analytical tool because it excludes some but not all items that affect net income. Additionally,
because EBITDA may be defined differently by other companies in our industry, our definition of EBITDA may not be comparable to
similarly titled measures of other companies, thereby diminishing its utility. Due to the forward-looking nature of forecasted
EBITDA, information to reconcile forecasted EBITDA to forecasted cash flow from operating activities is not available as
management is unable to project working capital changes for future periods at this time.
About PBF Logistics LP
PBF Logistics LP (NYSE: PBFX), headquartered in Parsippany, New Jersey, is a
fee-based, growth-oriented master limited partnership formed by PBF Energy Inc. 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
Disclosures in this press release contain "forward-looking statements." All statements, other than statements of
historical facts, included in this press release that address activities, events or developments that management expects,
believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the
foregoing, forward-looking statements contained in this press release specifically include the accretion expected to be realized
by the Partnership as a result of the acquisition and the expectations of plans, strategies, objectives and growth and
anticipated financial and operational performance of the Partnership and its subsidiaries. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership, which may cause actual
results to differ materially from those implied or expressed by the forward-looking statements, and other important factors that
could cause actual results to differ materially from those projected, including those set forth in reports filed by the
Partnership with the Securities and Exchange Commission. Any forward-looking statement applies only as of the date on which such
statement is made and the Partnership does not intend to correct or update any forward-looking statement, whether as a result of
new information, future events or otherwise, except as required by law.
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SOURCE PBF Logistics LP