PBF Energy prices $500M 2032 exchangeable notes
Rhea-AI Filing Summary
PBF Energy Inc. (PBF) announced that indirect subsidiary PBF Holding Company LLC, together with PBF Finance Corporation, priced a private offering of $500 million aggregate principal amount of 0% senior unsecured exchangeable notes due January 15, 2032, with an option for an additional $50 million.
The notes are exchangeable into cash and, if applicable, cash, PBF Energy Class A common stock or a combination, at the issuers’ election, based on an initial exchange price of about $96.80 per share, a 37.5% premium to the $70.40 stock price on September 14, 2026. PBF’s subsidiaries expect net proceeds of about $485.0 million, of which $25.2 million will fund capped call transactions and the remainder, with cash on hand, will be used to repay or redeem outstanding 7.875% Senior Unsecured Notes due 2030.
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Filing Explained
Pricing is complete, but issuance and refinancing are not: closing is expected September 17, and later exchange may include stock settlement.
PBF Energy reports that subsidiaries priced
The notes pay no regular interest and their principal does not accrete. Exchanges are settled in cash up to the principal amount; any excess exchange obligation may be settled in cash, shares, or a combination at the issuers’ election. If shares are ultimately issued, existing holders’ percentage ownership would decline absent offsetting changes.
The capped calls cover the shares initially underlying the notes and are expected generally to reduce potential dilution or offset certain excess cash payments, but only up to a stated cap. The filing says the additional-purchase option permits up to
The next milestones are closing and the proposed repayment or redemption of the 2030 notes; this filing expressly says it is not notice that that repayment or redemption has occurred.
8-K Event Classification
Key Figures
Key Terms
exchangeable notes financial
capped call transactions financial
fundamental change financial
cleanup redemption financial
qualified institutional buyers regulatory
FAQ
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What transaction did PBF (PBF) announce in this 8-K?
What are the key financial terms of PBF’s new exchangeable notes?
How does the initial exchange price compare to PBF (PBF) stock on pricing date?
How will PBF use the net proceeds from the exchangeable notes offering?
What are the key redemption and repurchase features of PBF’s notes?
Who can buy the new PBF (PBF) exchangeable notes?
What are the main terms of the capped call transactions mentioned by PBF?
AI-generated analysis. How Rhea-AI works. Not financial advice.
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Name of each exchange on which registered | ||
| Item 8.01. | Other Events. |
On September 14, 2026, PBF Energy Inc.(the “Company”) issued a press release announcing that its indirect subsidiary, PBF Holding Company LLC (“PBF Holding”) and PBF Holding’s wholly owned subsidiary, PBF Finance Corporation, as co-issuers, priced a private offering of $500 million in aggregate principal amount of 0% senior unsecured exchangeable notes due 2032 (the “Notes Offering”). The Notes Offering is expected to close on September 17, 2026, subject to customary closing conditions. The issuers also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $50 million aggregate principal amount of notes.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information contained in this Item 8.01, including Exhibit 99.1, does not constitute an offer to sell, or a solicitation of an offer to buy, any of the notes in the Notes Offering, or any other securities of the Company, PBF Holding or PBF Finance Corporation.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Notes Offering Pricing Press Release dated September 14, 2026 | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
| Date: September 14, 2026 |
PBF Energy Inc. | |||||
| (Registrant) | ||||||
| By: |
/s/ Trecia M. Canty | |||||
| Name: |
Trecia M. Canty | |||||
| Title: |
Senior Vice President, General Counsel and Secretary | |||||
| Date: September 14, 2026 |
PBF Holding Company LLC | |||||
| (Registrant) | ||||||
| By: |
/s/ Trecia M. Canty | |||||
| Name: |
Trecia M. Canty | |||||
| Title: |
Senior Vice President, General Counsel and Secretary | |||||
Exhibit 99.1
PBF Energy Announces Pricing of $500 Million of 0% Exchangeable Notes due 2032
PARSIPPANY, NJ – September 14, 2026 – PBF Energy Inc. (NYSE:PBF) (“PBF Energy”) today announced that its indirect subsidiary, PBF Holding Company LLC (“PBF Holding”), priced $500 million in aggregate principal amount of 0% exchangeable notes due 2032 (the “Notes”) in a private offering exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). The offering is expected to close on September 17, 2026, subject to customary closing conditions. The Notes will be co-issued by PBF Finance Corporation, a wholly owned subsidiary of PBF Holding (together with PBF Holding, the “Issuers”). The Issuers also granted the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $50 million aggregate principal amount of Notes.
The Notes will be senior, unsecured obligations of the Issuers. The Notes will not bear regular interest and the principal amount of the Notes will not accrete. The Notes will be fully and unconditionally guaranteed, on a senior unsecured basis, by certain of PBF Holding’s subsidiaries (the “Guarantors”) that guarantee PBF Holding’s existing senior unsecured notes, and will not be guaranteed by PBF Energy Inc. The Notes will mature on January 15, 2032, unless earlier repurchased, exchanged or redeemed. Noteholders will have the right to exchange their Notes in certain circumstances and during specified periods. Exchanges will be settled in cash up to the aggregate principal amount of the Notes to be exchanged and, if applicable, cash, Class A common stock, par value $0.001 per share (“Common Stock”) of PBF Energy or a combination thereof, at the Issuers’ election, in respect of the remainder (if any) of the Issuers’ exchange obligations in excess of the aggregate principal amount of the Notes being exchanged.
The Issuers may not redeem the Notes prior to January 20, 2030, except in the event of a cleanup redemption (as defined below). The Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at the Issuers’ option at any time, and from time to time, on or after January 20, 2030 and prior to the 31st scheduled trading day immediately preceding the maturity date of the Notes, but only if the last reported sale price per share of Common Stock has been at least 130% of the exchange price of the Notes for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date. The Issuers may also redeem for cash all, but not less than all, of the Notes at any time prior to the 31st scheduled trading day immediately preceding the maturity date, if the principal amount of Notes outstanding at such time is less than 10% of the aggregate principal amount of the Notes initially issued under the indenture (including any additional Notes issued pursuant to the initial purchasers’ option) (a “cleanup redemption”).
If a “fundamental change” (as defined in the indenture for the Notes) occurs, then, subject to limited exceptions, noteholders may require the Issuers to repurchase their Notes for cash. The repurchase price will be equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the applicable repurchase date.
The initial exchange rate is 10.3306 shares of Common Stock per $1,000 principal amount of Notes, which represents an initial exchange price of approximately $96.80 per share of Common Stock. The initial exchange price represents a premium of approximately 37.5% above the last reported sale price per share of Common Stock on the New York Stock Exchange on September 14, 2026, which was $70.40 per share. The exchange rate and exchange price will be subject to adjustment upon the occurrence of certain events.
The holders of the Notes will be entitled to the benefits of a registration rights agreement pursuant to which the Issuers and PBF Energy have agreed to register the resale of the shares of Common Stock, if any, deliverable upon exchange of the Notes under the Securities Act. The registration rights agreement contains significant limitations, and a resale registration statement may not be available at the time investors wish to resell the shares of PBF Energy’s Common Stock, if any, deliverable upon exchange of their Notes.
In connection with the pricing of the Notes, the Issuers and PBF Energy have entered into privately negotiated capped call transactions with one or more of the initial purchasers of the Notes or their respective affiliates or certain other financial institutions (the “option counterparties”). The capped call transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the Notes, the number of shares of Common Stock initially underlying the Notes. The capped call transactions are expected generally to reduce the potential dilution to PBF Energy’s Common Stock upon any exchange of Notes and/or offset any cash payments the Issuers are required to make in excess of the principal amount of exchanged Notes, as the case may be, with such reduction and/or offset subject to a cap.
The cap price of the capped call transactions will initially be $123.20 per share, which represents a premium of 75.0% over the last reported sale price of PBF Energy’s Common Stock of $70.40 per share on September 14, 2026, and is subject to certain adjustments under the terms of the capped call transactions.
The Issuers have been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to PBF Energy’s Common Stock and/or purchase shares of PBF Energy’s Common Stock or other securities of PBF Energy in secondary market transactions concurrently with, or shortly after, the pricing of the Notes, including with, or from, as the case may be, certain investors in the Notes. This activity could increase (or reduce the size of any decrease in) the market price of PBF Energy’s Common Stock or the Notes at that time. In addition, the Issuers and PBF Energy expect that the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to PBF Energy’s Common Stock and/or purchasing or selling PBF Energy’s Common Stock or other securities of PBF Energy or the Issuers in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so (x) during any observation period related to an exchange of Notes, following any redemption of Notes by the Issuers or following any repurchase of Notes by the Issuers in connection with any fundamental change and (y) following any repurchase of the Notes by the Issuers other than in connection with any such redemption or any fundamental change if the Issuers elect to unwind a corresponding portion of the capped call transactions in connection with such repurchase). This activity could also cause or avoid an increase or a decrease in the market price of PBF Energy’s Common Stock or the Notes, which could affect the ability of holders to exchange the Notes, and, to the extent the activity occurs during any observation period related to an exchange of Notes, it could affect the number of shares of PBF Energy’s Common Stock, if any, and value of the consideration that holders will receive upon exchange of the Notes.
The Issuers estimate that the net proceeds from the offering will be approximately $485.0 million (or approximately $533.6 million if the initial purchasers fully exercise their option to purchase additional Notes), after deducting the initial purchasers’ discounts and commissions and the Issuers’ estimated offering expenses. The Issuers intend to use $25.2 million of the net proceeds from the offering to pay the cost of the capped call transactions, and the remainder, together with available cash, to fund the repayment or redemption, as applicable, of all of its outstanding 7.875% Senior Unsecured Notes due 2030 (the “2030 Notes”). If the initial purchasers exercise their option to purchase additional Notes, the Issuers expect to use a portion of the proceeds from the sale of the additional Notes to enter into additional capped call transactions with the option counterparties, and for general corporate purposes. Pending such use, the Issuers may repay other debt and/or invest the net proceeds in short-term, interest-bearing deposit accounts.
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The offer and sale of the Notes, the related guarantees and any shares of PBF Energy’s Common Stock deliverable upon exchange of the Notes have not been registered under the Securities Act or any other securities laws, and the Notes, such guarantees and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. The Notes and the related guarantees will only be offered and sold to persons who are reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act). This press release does not constitute a notice of repayment or notice of redemption of the 2030 Notes.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the Notes, the guarantees or any shares of PBF Energy’s Common Stock deliverable upon exchange of the Notes, nor will there be any sale of the Notes or the guarantees or any such shares of PBF Energy’s Common Stock, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. This press release is being issued pursuant to Rule 135c under the Securities Act.
Forward-Looking Statements
Statements in this press release relating to future plans, results, performance, expectations, achievements and the like are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the statements regarding the closing of the Notes offering and the capped call transactions, the expected use of proceeds, including the proposed redemption or repayment of the 2030 Notes and expectations regarding the actions of the option counterparties and their respective affiliates. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond PBF Energy’s and the Issuers’ 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 may cause actual results to differ include but are not limited to the risks disclosed in the filings of PBF Energy and PBF Holding with the Securities and Exchange Commission. All forward-looking statements speak only as of the date hereof. Neither PBF Energy nor PBF Holding undertakes an obligation to revise or update any forward-looking statements except as may be required by applicable securities laws.
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 is also a 50% partner in the St. Bernard Renewables joint venture focused on the production of next generation sustainable fuels.
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Contacts:
Colin Murray (investors)
ir@pbfenergy.com
Tel: 973.455.7578
Michael C. Karlovich (media)
mediarelations@pbfenergy.com
Tel: 973.455.8994
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