PBF Energy Inc. (NYSE: PBF) announced today that it has priced its previously announced underwritten public offering of 6 million shares of its Class A common stock for total gross proceeds of approximately $291 million. The underwriter of the Offering will have a thirty day option to purchase up to 900,000 additional shares. The Offering is expected to close on August 14, 2018, subject to customary closing conditions.
On August 2, 2018, PBF Energy announced a $0.30 per share dividend on outstanding Class A common stock, payable on August 30, 2018 to holders of record at the close of business on August 15, 2018. Settlement of shares purchased in this Offering will occur prior to the record date for this dividend and, as a result, purchasers in this Offering who are holders of record at the close of business on August 15, 2018 will be entitled to receive this dividend and will be responsible for any related tax obligation.
PBF Energy expects to use the net proceeds from the Offering to pursue strategic capital projects associated with optimizing its ability to process heavy sour feedstocks, increasing its clean product yield, and enhancing its system-wide operational reliability, which may include construction of a hydrogen plant facility at PBF Energy's Delaware city refinery and restarting certain idle units at PBF Energy's Chalmette refinery. In addition, net proceeds from this Offering, or a portion thereof, subject to the timing and execution of any potential strategic capital projects, may be used for general corporate purposes, including the repayment of indebtedness and funding working capital requirements.
RBC Capital Markets is acting as the sole underwriter for the Offering. A copy of the prospectus supplement and accompanying base prospectus relating to the Offering may be obtained, when available, by sending a request to RBC Capital Markets, LLC, Attn: Prospectus Department, 200 Vesey Street, 8th Floor, New York, NY 10281 or by calling (866) 375-6829 or emailing equityprospectus@rbccm.com. These documents may also be obtained free of charge when they are available from the Securities and Exchange Commission's website at www.sec.gov.
About PBF Energy Inc.
PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jerseyand Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.
