PBF LogisticsLP said that it has commenced a registered underwritten publicoffering of 2,500,000 common units representing limited partner interests inthe partnership.
The underwriter will be granted a 30-day option to purchaseup to 375,000 additional common units, according to PBF Logistics' March 30news release.
The partnership plans to use the net proceeds from thisoffering to fund a portion of the $100million acquisition of four refined product terminals from anaffiliate of Plains All AmericanPipeline LP. Pending such use, the partnership will use theproceeds to reduce indebtedness outstanding under its revolving credit facilityand for general partnership purposes.
The closing of the acquisition is not conditioned on theclosing of the offering, and the offering is not conditioned on the closing ofthe acquisition, the release said.
UBS Securities LLC is the underwriter of the offering.