$PFBX PBF Logistics buys East Coast storage
Post# of 145233
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Posted On: 07/17/2018 10:58:11 AM
$PFBX
PBF Logistics buys East Coast storage assets for $107M
PBF Logistics (NYSE
BFX) agrees to acquire Crown Point International's CPI Operations subsidiary, whose assets include a 4M-barrel storage facility, an Aframax-capable marine facility and other idled assets located on the Delaware River near Paulsboro, N.J., for $107M.
With close proximity to the Paulsboro refinery, PBFX expects the assets will provide synergy opportunities with its sponsor, PBF Energy.
PBFX expects the acquisition combined with the deals announced on April 16 will achieve $34M in annualized run-rate EBITDA for a $243M total investment.
PBFX also announces a direct public offering of more than 1.77M common units with certain funds managed by Tortoise Capital for ~$35M in gross proceeds to be used for general partnership purposes including partial funding of growth transactions.
PBF Logistics buys East Coast storage assets for $107M
PBF Logistics (NYSE
BFX) agrees to acquire Crown Point International's CPI Operations subsidiary, whose assets include a 4M-barrel storage facility, an Aframax-capable marine facility and other idled assets located on the Delaware River near Paulsboro, N.J., for $107M. With close proximity to the Paulsboro refinery, PBFX expects the assets will provide synergy opportunities with its sponsor, PBF Energy.
PBFX expects the acquisition combined with the deals announced on April 16 will achieve $34M in annualized run-rate EBITDA for a $243M total investment.
PBFX also announces a direct public offering of more than 1.77M common units with certain funds managed by Tortoise Capital for ~$35M in gross proceeds to be used for general partnership purposes including partial funding of growth transactions.
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