New Issue: PBF Logistics prices upsized $175 million tap of 6 7/8% notes due May 2023 at 102

By Paul A. Harris

Portland, Ore., Oct. 3 – PBF Logistics priced an upsized $175 million add-on to its 6 7/8% senior notes due May 15, 2023 (existing ratings B3/B+) at 102 on Tuesday, according to market sources.

The issue size was increased from $150 million.

The reoffer price came at the rich end of the 101.5 to 102 price talk, which was also the initial guidance.

Deutsche Bank Securities Inc. and RBC Capital Markets LLC were the global coordinators. BofA Merrill Lynch, Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, MUFG, Natixis Securities, UBS Investment Bank and Wells Fargo Securities LLC were the joint bookrunners.

The Parsippany, N.J.-based crude oil pipeline transportation and terminal services provider plans to use the proceeds, including the additional proceeds resulting from the $25 million upsizing of the deal, to repay debt under its revolving credit facility and for general corporate purposes.

Issuer:	PBF Logistics
Face amount:	$175 million, increased from $150 million
Proceeds:	$178.5 million
Maturity:	May 15, 2023
Security description:	Add-on to 6 7/8% senior notes due May 15, 2023
Global coordinators:	Deutsche Bank Securities Inc., RBC Capital Markets LLC
Joint bookrunners:	BofA Merrill Lynch, Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, MUFG, Natixis Securities, UBS Investment Bank, Wells Fargo Securities LLC
Coupon:	6 7/8%
Price:	102
First call:	May 15, 2018 at 105.156
Trade date:	Oct. 3
Settlement date:	Oct. 6
Existing ratings:	Moody's: B3
	S&P: B+
Distribution:	Rule 144A and Regulation S
Price talk:	101.5 to 102
Marketing:	Quick to market
Original issue:	$350 million priced at par in May 2015
Fungibility:	Add-on notes are expected to become fungible with original notes
Total issue size:	$525 million

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