PBF Logistics to draw on revolver to help fund terminal purchases

By Tali Rackner

Norfolk, Va., Feb. 2 – PBF Logistics LP plans to use borrowings from its senior secured revolving credit facility to help fund its acquisition of four refined product terminals located in the greater Philadelphia region from Plains All American Pipeline, LP, according to a press release.

The $100 million transaction will also be financed with cash on hand and equity, which may include common units sold to sponsor PBF Energy.

The acquisition is expected to close in the second quarter.

PBF is a Parsippany, N.J.-based fee-based master limited partnership developed to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets.

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