Boston, MA 06\/16\/2014 (wallstreetpr) \u2013\u00a0PBF Energy Inc (NYSE:PBF)\u00a0<\/b>announced the secondary offering of 18 million shares of Class A common stocks for $0.001 par value per share. PBF Energy\u2019s shareholder the Blackstone Group and First Reserve Management, L.P. is selling their shares to its underwriters Citigroup and Deutsche Bank Securities.<\/p>\n
The underwriters offered the shares at the prevailing market price or in the over the counter through negotiated transaction. The sellers will receive net proceeds of ~$540 million from the offering. It excludes the underwriter\u2019s discount and commissions.<\/p>\n
The offering expects to close by June 17, 2014, subject to some conditions.<\/p>\n
Source of capital <\/b><\/p>\n
PBF Energy raised the capital for growth through its cash flow from operation, external borrowing available under credit facilities and raised capital through issuance of stocks. Available capital will be sufficient to meet the capital expenditures and working capital requirement.<\/p>\n
But, PBF Energy Inc (NYSE:PBF)\u2019s cash flow may affect due to the volatility in pricing and political conditions. PBF Energy generated higher cash of $260.6 million during its three months periods ended March 31, 2014 compared to $211.1 million in the previous year period, as a result, of higher earnings (adjusted EBITDA of $294.8 million versus $109.1 million in prior year period).<\/p>\n
The Company used $60.1 million in capital expenditures, $15 million as repayment of borrowings and also paid $29.7 million as dividend to its shareholders.<\/p>\n
Strong balance sheet<\/b><\/p>\n
PBF Energy Inc (NYSE:PBF)\u00a0has a strong liquidity profile and has access to the capital markets, with total liquidity of $954.7 million and as of shareholder\u2019s equity of $1.25 billion as of March 31, 2014. It includes working capital of $723.2 million and cash and cash equivalents of $237.1 million.<\/p>\n
PBF Energy has a strong balance sheet that provides a platform for the growth. Balance sheet will further strengthen with net proceeds from the sale of shares.\u00a0<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 06\/16\/2014 (wallstreetpr) \u2013\u00a0PBF Energy Inc (NYSE:PBF)\u00a0announced the secondary offering of 18 million shares of Class A common stocks for $0.001 par value per […]<\/p>\n","protected":false},"author":12,"featured_media":25835,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[6304,6303],"stock_ticker":[],"class_list":["post-25834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-nysepbf","tag-pbf-energy-inc-nysepbf","entry"],"acf":[],"yoast_head":"\n