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PBF Logistics LP princes initial public offering

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Parsippany-based PBF Logistics LP, a master limited partnership formed by subsidiaries of PBF Energy Inc., announced Thursday it has priced an initial public offering of 13.75 million common units at $23.00 per unit.

According to the announcement, underwriters of the offering have been granted a 30-day option to purchase up to an additional 2.06 million common units at the IPO price.

The units are expected to begin trading May 9, 2014 on the New York Stock Exchange under the symbol “PBFX.”  The expected closing day is on or about May 14, 2014, the announcement said.

Upon the closing of the IPO, the announcement said the public will own  a 43.3 percent limited partner interest in PBF Logistics, or a 49.8 percent interest if the underwrites fill the option to purchase additional stocks.  PBF Energy will own the remaining limited partner interest in PBF Logistics.

Barclays and UBS Investment Bank are serving as joint bookrunners and structuring agents of the IPO, the announcement said. Citigroup, Credit Suisse, Deutsche Bank Securities, Morgan Stanley and Wells Fargo Securities are also serving as joint bookrunners.

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Emily Bader

Emily Bader

Emily Bader is the copy and web editor at NJBIZ. She is a Brielle, N.J. native and a Rutgers University alum. You can contact her at emilyb@njbiz.com or @emilybader on Twitter.

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