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PBF expects gross proceeds of $291M from stock offering

PBF Energy Inc announced Aug. 10 that it had priced a public offering announced Aug. 9 of 6 million shares of Class A common stock for total gross proceeds of approximately $291 million.

The refiner expects the offering to close on Aug. 14.

The company expects to use the net proceeds of the offering to pursue strategic capital projects, including optimizing its ability to process heavy sour crude oil ahead of looming marine fuel sulfur regulations.