PBF gets $275 million five-year revolver, $300 million three-year loan

By Susanna Moon

Chicago, May 14 - PBF Energy Inc.'s indirect wholly owned subsidiary PBF Logistics LP obtained a $275 million five-year senior secured revolving credit facility and $300 million three-year term loan facility.

The company entered into credit agreements on Wednesday with Wells Fargo Bank, NA as the administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the revolver will be Libor plus 175 basis points to 275 bps, based on leverage.

Proceeds from the revolver will be used to fund working capital, acquisitions, distributions and capital expenditures and for other general partnership purposes.

The revolver may be upsized by up to $325 million to a total facility size of $600 million, with increased commitments.

The revolver includes a $25 million sublimit for standby letters of credit and a $25 million sublimit for swingline loans.

The maturity of the revolver may be extended for one year on up to two occasions.

Interest on the term loan is Libor plus 25 bps.

Proceeds from the term loan will be used to fund distributions to PBF LLC and the term loan will be guaranteed by a guaranty of collection from PBF LLC and secured at all times by cash, U.S. Treasury or other investment-grade securities in an amount equal to or greater than the outstanding principal amount of the term loan.

PBF is a Parsippany, N.J.-based operator of oil refineries and related facilities.

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