PBF Energy unveils $500 mln notes deal, shares up premarket
PBF•Use of proceeds and recent share performance
The company intends to use the net proceeds to fully repay or redeem its 7.875% unsecured notes due 2030.
It also intends to use some proceeds to fund capped call transactions, used to help mitigate potential dilution.
PBF has a market cap of about $9.3 billion.
Shares finished up 1.6% on Friday, notching a record high close of $78.30; they have surged 189% year to date, well outpacing the 46% advance in the S&P 400 Energy index .SPMDCEN.
The average rating of 14 analysts is "hold"; the median price target of $69 is up from $43 on June 14, per LSEG.
PBF announces $500 million exchangeable notes offering
Oil refiner PBF Energy's PBF.N shares were up 1.1% at $79.20 in premarket trading on Monday as it seeks a capital raise.
PBF shares were also up as energy stocks tracked crude prices higher following new strikes on Saudi Arabia energy infrastructure and attacks on ships in the Middle East, which compounded supply concerns.
Parsippany, New Jersey-based PBF announced a private offering of $500 million exchangeable notes due Jan. 15, 2032.
