PBF Logistics (PBFX) Announces Completion of $175M TVPC Stake Acquisition
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PBF Logistics Completes Acquisition of Torrance Valley Pipeline Interest
September 1, 2016 2:07 PM EDTPARSIPPANY, N.J., Sept. 1, 2016 /PRNewswire/ -- PBF Logistics LP (NYSE: PBFX, the "Partnership") announced today that it acquired a 50 percent interest in Torrance Valley Pipeline Company LLC (the "TVPC") from an affiliate of PBF Energy Inc. (NYSE: PBF) for a total consideration of approximately $175.0 million in cash. The acquisition was financed with cash on hand, borrowings under its revolving credit facility and proceeds from a successful public offering of common units completed in August.
Based on anticipated ownership percentage, current... More
