PBF Energy Announces Full Redemption of $1.25 Billion of PBF Holding 9.25% Senior Secured Notes due 2025

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.

Rhea-AI Summary

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.

Positive

• Full redemption of $1.25 billion in Senior Secured Notes enhances financial flexibility.
• Redemption at a premium of 104.625% reflects strong cash position.

Negative

• None.

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PARSIPPANY, N.J., July 11, 2022 /PRNewswire/ -- PBF Energy Inc. (NYSE: PBF) today announced that its indirect subsidiary, PBF Holding Company LLC ("PBF Holding"), has fully redeemed all of the $1.25 billion in aggregate principal amount outstanding of its 9.25% Senior Secured Notes due 2025 (the "Notes") issued by PBF Holding and PBF Finance Corporation.  The Notes were redeemed at a redemption price of 104.625%, plus accrued and unpaid interest through July 11, 2022. 

About PBF Energy Inc.

PBF Energy Inc. (NYSE: PBF) is 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was the amount of Senior Secured Notes redeemed by PBF Energy?

PBF Energy redeemed $1.25 billion of its 9.25% Senior Secured Notes due 2025.

What was the redemption price for the Senior Secured Notes?

The redemption price was 104.625%, plus accrued interest.

When was the redemption of the Senior Secured Notes effective?

The redemption was effective on July 11, 2022.

What is the significance of PBF Energy's note redemption?

The redemption reduces debt obligations and improves financial flexibility for PBF Energy.

How does PBF Energy operate its facilities?

PBF Energy operates its facilities in a safe, reliable, and environmentally responsible manner.