PBF Logistics LP said Sept. 12 that Deutsche Bank Securities, the underwriter of its public offering of 4 million common units representing limited partner interests, exercised its option to purchase an additional 375,000 common units.
Total gross proceeds before the underwriter's discounts and commissions for the full 4,375,000 common units will be about $88 million.
PBF used a portion of the proceeds to fund part of the purchase price for its recently completed acquisition of a 50% interest in Torrance Valley Pipeline Co. LLC from an affiliate of PBF Energy Inc. The remaining proceeds will support general partnership purposes.
PBF Logistics LP is based in Parsippany, N.J.
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