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January 8, 2014
09:36 EDTPBFPBF Energy upgraded to Outperform from Sector Perform at Howard Weil
News For PBF From The Last 14 Days
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September 15, 2014
17:04 EDTPBFPBF Logistics announces first asset acquisition from PBF Energy
PBF Logistics LP (PBFX) and PBF Energy(PBF) announced that the Partnership has entered into an agreement to acquire the Delaware City Heavy Crude Unloading Rack from a subsidiary of PBF for total consideration of $150M. The purchase price payable to PBF will consist of cash of $135M and PBFX limited partner interests of $15M. The drop-down acquisition is expected to close on or about September 30. The asset to be acquired is the newly-commissioned West Rack collocated with PBF Energy’s Delaware City Refinery and will continue to support the refinery going forward. The West Rack is capable of unloading unit trains at a throughput rate of over 40,000 barrels per day. It is equipped with steam and nitrogen facilities to facilitate the unloading of heavy crude oil, primarily originating in Canada, delivered by rail. The West Rack is also capable of discharging light crude oil. Upon closing, the Partnership plans to enter into a seven-year term throughput agreement with subsidiaries of PBF Energy containing a minimum throughput volume commitment of 40,000 barrels per day. The West Rack is expected to contribute approximately $15M of EBITDA in its first full year of operation after the close. Annual maintenance capital expenditures are expected to be approximately $1.25M. The cash consideration for the transaction will be funded by the sale of $30M in U.S. Treasuries that were purchased with proceeds from the Partnership’s May 2014 initial public offering and $105M in borrowings under the Partnership’s revolving credit facility. The number of Partnership common units to be issued to PBF will be based on the volume-weighted average daily closing price for the Partnership’s common units for the preceding 20 trading days, ending two trading days prior to signing the definitive agreement for the acquisition. The terms of the transaction were approved by the Board of Directors of the general partner of the Partnership and its Conflicts Committee, which is composed of independent directors and was advised by Tudor, Pickering, Holt & Co., its financial advisor, and Vinson & Elkins LLP, its legal counsel.
September 10, 2014
17:11 EDTPBFVenezuela's PDVSA seeks Citgo bids in potential $10B deal, Reuters says
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06:41 EDTPBFPDVSA aims for preliminary offers for Citgo by September-end, Reuters says
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