PBF Logistics (PBFX) to Offer 4M Common Units

August 12, 2016 9:14 AM EDT

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PBF Logistics LP (NYSE: PBFX, the "Partnership") announced today that its previously announced registered underwritten public offering of 4,000,000 common units representing limited partner interests has been priced for total gross proceeds of approximately $80,600,000. The underwriter has offered the common units at prevailing market prices or otherwise from time to time through the New York Stock Exchange, in the over-the-counter-market or through negotiated transactions. The underwriter has a 30-day option to purchase up to 600,000 additional common units. The offering is expected to close on August 17, 2016, subject to customary closing conditions.

The Partnership expects to use the net proceeds from this offering to fund a portion of the purchase price for its proposed acquisition from an affiliate of PBF Energy Inc. of a 50 percent interest in the Torrance Valley Pipeline Company LLC, and, pending such use, to reduce indebtedness outstanding under its revolving credit facility and for general partnership purposes. If the Partnership does not enter into and consummate such transaction, the Partnership intends to use the net proceeds from this offering for general partnership purposes, including to reduce indebtedness outstanding under its revolving credit facility. The offering is not conditioned on the entry into or the closing of the acquisition.

Deutsche Bank Securities is the underwriter of the Offering. The offering of these securities is being made by means of a prospectus supplement and the accompanying prospectus only, copies of which may be obtained, when available, from Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, New York 10005-2836, by e-mail to prospectus.cpdg@db.com, or by telephone at (800) 503-4611.

These documents may also be obtained free of charge when they are available from the SEC's website at www.sec.gov.

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