PBF Energy unit prices exchangeable notes offering
PBF Energy priced USD 550 million of 0% Exchangeable Senior Notes due 2032 in a Rule 144A private placement.
Net proceeds totaled about USD 533.6 million; funds earmarked for capped call costs, redeeming 7.875% senior unsecured notes due 2030, general purposes.
Notes mature Jan. 15, 2032; no regular interest or principal accretion; special interest up to 0.5% in specified reporting or registration defaults.
Initial exchange rate set at 10,331 shares per USD 1,000; initial exchange price about USD 96.8 per share; settlement can be cash, stock, or both.
Redemption barred before Jan. 20, 2030, except cleanup; later redemption requires stock at least 130% of exchange price for 20 of 30 trading days.
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