BUZZ-PBF Energy rebounds after $500 mln convertible priced
PBF•Terms of the exchangeable notes
The exchange price of $96.80 represents a 37.5% premium to the stock's last sale of $70.40 on Monday.
PBF shares finished down 10% on Monday after the company unveiled the offering to fully redeem its 7.875% unsecured notes due 2030.
The company intends to use $25.2 million of the proceeds for capped call transactions; the cap price of $123.20 is 75% above the stock's last close.
Stock performance and analyst view
With the move on the session, the stock has surged about 170% year to date compared with a 46% advance in the S&P 400 Energy index .SPMDCEN.
The average rating of 13 analysts is "hold"; median price target is $70, according to LSEG.
PBF shares rebound after financing announcement
Shares of oil refiner PBF Energy PBF.N were up 4.2% to $73.34 in early Tuesday trading after the company clinched a $500 million raise.
Parsippany, New Jersey-based PBF late Monday announced pricing of a private offering of $500 million exchangeable notes due Jan. 15, 2032.
