PBF Energy Inc. subsidiary PBF Holding Co. LLC is planning to launch a $1.0 billion private offering of its senior unsecured notes due 2028.
The PBF Energy unit said it plans to use the proceeds to redeem its 7.00% senior notes due 2023 and for other general corporate purposes, which include the payment of part of the cash consideration in PBF Holding's pending acquisition of the Martinez Refinery in California, according to a Jan. 15 news release. PBF Holding's subsidiary PBF Finance Corp. will co-issue the notes.
PBF Energy in June 2019 announced its plan to acquire the refinery from a Royal Dutch Shell PLC unit for up to $1 billion, plus the value of hydrocarbon inventory, crude oil supply and product off-take agreements and other adjustments.
PBF Energy is one of the largest independent refiners in North America.