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PBF Logistics closes acquisition of 50% stake in Torrance Valley Pipeline

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PBF Logistics closes acquisition of 50% stake in Torrance Valley Pipeline

PBF Logistics LP has completed its $200 million acquisition of TVP Holding Co. LLC, which owns the remaining 50% stake in the Torrance Valley Pipeline Co. LLC, from PBF Energy Co. LLC.

In a securities filing dated June 4, PBF Logistics said the acquisition was funded through a combination of $135.0 million gross proceeds from an equity offering and $65 million from its revolving credit facility.

Torrance Valley Pipeline owns the 189-mile San Joaquin Valley pipeline system, which has a throughput capacity of about 110,000 barrels per day. The pipeline system is composed of three crude gathering and transportation pipelines supplying PBF Energy's Torrance refinery in Torrance, Calif. The company is a joint venture of PBF Logistics and TVP Holding Co. LLC.

The assets also include 11 pipeline stations with roughly 1 million bbl of combined tankage, as well as truck unloading capability at two of the stations.