UBS Agents PBF Energy Facility Increase
PBF Energy announced that its subsidiary, PBF Holding Company, has amended and restated its and its subsidiaries’ revolving credit agreement. Commitments under the facility have increased from $1.6 billion to $2.5 billion, with an accordion to $2.75 billion. The credit agreement has a five-year term and will be used for working capital and other general corporate purposes.
UBS AG, Stamford Branch, is the administrative agent for the 20-bank syndicate participating in the facility. UBS Securities, Bank of America, Citibank, Natixis, Deutsche Bank Securities, Credit Agricole Corporate and Investment Bank and the Bank of Tokyo-Mitsubishi UFJ acted as joint lead arrangers and joint lead bookmanagers.
PBF’s CFO Erik Young said, “The increase to our ABL Facility provides our company with increased financial flexibility to grow our existing business and is reflective of our financing partners’ commitment to PBF.”
PBF Energy is an independent refiner operating oil refineries and related facilities in Delaware City, DE, Paulsboro, NJ and Toledo, OH.