PBF Logistics and certain of its subsidiaries amended and extended the company’s five-year revolving credit facility, increasing the commitments from $360 million to $500 million. The credit facility will be used for acquisitions and other general partnership purposes.
The Partnership’s Chief Financial Officer Erik Young said, “This successful syndication demonstrates the growth and development of our business and we thank our lending partners for their commitment to PBF Logistics. Our upsized, five-year credit facility provides us with incremental liquidity and increased financial flexibility that will help fund our disciplined growth strategy.”
Wells Fargo served as the administrative agent for the 20-bank syndicate participating in the facility. Wells Fargo Securities, BNP Paribas, Citigroup Global Markets, MUFG Union Bank, Natixis and RBC Capital Markets acted as joint lead arrangers and joint bookrunners. BNP Paribas, Citigroup Global Markets, MUFG Union Bank, Natixis and RBC Capital Markets acted as co-syndication agents.
Headquartered in Parsippany, NJ, PBF Logistics is a fee-based, growth-oriented master limited partnership formed by PBF Energy to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets.