PBF Energy Announces Pricing of $500 Million of 0% Exchangeable Notes due 2032
PBF Energy's indirect subsidiary PBF Holding priced $500 million of 0% exchangeable senior unsecured notes due January 15, 2032 in a Rule 144A private offering, with an initial purchasers' option for up to $50 million more; closing is expected September 17, 2026. The notes carry an initial exchange price of about $96.80 per share -- a 37.5% premium to PBF's $70.40 close on September 14 -- and the company paid $25.2 million for capped call transactions with a $123.20 cap price (a 75% premium) to reduce potential dilution upon exchange.
Key figures
- Deal Value Usd
- 500000000
- Coupon
- 0%
- Maturity
- January 15, 2032
- Net proceeds
- $485.0 million
- Exchange rate
- 10.3306 shares per $1,000 principal amount
- Exchange price
- $96.80 per share
- Expected close
- September 17, 2026
- Capped call cost
- $25.2 million
- Exchange premium
- approximately 37.5% over $70.40 close on September 14, 2026
- Principal amount
- $500 million
- Refinanced notes
- 7.875% Senior Unsecured Notes due 2030
- Purchasers option
- up to an additional $50 million
- Capped call cap price
- $123.20 per share (75.0% premium)
- Net proceeds full option
- $533.6 million
AI analysis
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