PBF Energy slips from record after $500 mln notes deal unveiled
PBF•Stock near record highs despite decline
PBF had a market capitalization of about $9.3 billion through Friday.
PBF shares on Friday hit an all-time intraday peak of $82.61 and notched a record high close of $78.30.
Even with Monday's decline, the stock has surged about 180% year to date, well outpacing a 46.5% advance in the S&P 400 Energy index .SPMDCEN.
The average rating of 14 analysts is "hold," and the median price target is $69, up from $43 on June 14, per LSEG.
PBF shares reverse early gains after notes deal announcement
Oil refiner PBF Energy's PBF.N shares reversed premarket gains and were last down 2.7% at $76.19 in early Monday trading as it seeks a capital raise.
Parsippany, New Jersey-based PBF announced a private offering of $500 million exchangeable notes due Jan. 15, 2032.
The company intends to use the net proceeds to fully repay or redeem its 7.875% unsecured notes due 2030.
PBF also intends to use some of the proceeds to fund capped call transactions, which are used to help mitigate potential dilution.
