PBF Energy and its subsidiary, PBF Holding Company, completed a multi-year extension of its asset-based revolving credit facility, with an aggregate commitment of $4.3 billion. The credit facility includes two committed tranches: an extended tranche of $2.75 billion that will mature in January 2025 and an existing tranche of $1.55 billion that retains the current maturity date in May 2023. The extended tranche of the credit facility may be increased under the accordion by up to $2 billion. The credit facility was extended with no other significant change in terms.

“Our amended and extended, multi-year credit facility provides more than ample near-term liquidity and financial flexibility and is a critical component of our continuing efforts to strengthen the balance sheet,” Erik Young, CFO at PBF Energy, said. “We thank our bank group and appreciate their support and confidence in PBF Energy.”

Bank of America is the joint lead arranger, joint bookrunner and administrative agent for the 35-bank syndicate participating in the credit facility. Bank OZK, Citibank, MUFG Bank, NYCB Specialty Finance Company, PNC Bank, Regions Bank, Royal Bank of Canada and Wells Fargo Bank acted as joint lead arrangers and joint bookrunners. Truist Bank acted as joint bookrunner.