Announcement: PBF’s Ba3 senior notes ranking unchanged by $250 million add-on
International Credit score Analysis – 16 Dec 2020
New York, December 16, 2020 — Moody’s Traders Service, (“Moody’s”) stated the Ba3 ranking of senior secured notes issued by PBF Holding Firm LLC’s (PBF) is unchanged following the corporate’s announcement that it’s issuing $250 million senior secured add-on notes, elevating the entire excellent quantity of the notes to $1,250 million. Different rankings of PBF, together with its B1 company household ranking (CFR), B1-PD likelihood of default ranking and the SGL-3 Speculative Grade Liquidity ranking stay unchanged. The outlook is unfavorable.
PBF plans to make use of the proceeds from the location of the add-on senior secured notes to fund normal company exercise and to help its liquidity.
The senior secured notes are rated Ba3, one notch above PBF’s B1 CFR, reflecting the secured place of the holders of the secured notes relative to unsecured lenders. The B3 ranking on the senior unsecured notes, two notches beneath the B1 CFR, displays the dimensions and powerful collateral bundle of the revolving credit score facility, which holds a precedence declare to the property over the unsecured notes, in addition to the precedence remedy of the secured notes. The revolver is secured by liquid property, together with deposit accounts, accounts receivable, and all hydrocarbon stock to which PBF holds title (excluding stock lined by the stock intermediation facility with J. Aron & Firm).
PBF Holding Firm LLC is an impartial refining and wholesale advertising and marketing firm. It operates six giant scale refineries within the US.
This publication doesn’t announce a credit standing motion. For any credit score rankings referenced on this publication, please see the rankings tab on the issuer/entity web page on www.moodys.com for probably the most up to date credit standing motion info and ranking historical past.
Elena Nadtotchi Senior Vice President Company Finance Group Moody's Traders Service, Inc. 250 Greenwich Road New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Consumer Service: 1 212 553 1653 Steven Wooden MD - Company Finance Company Finance Group JOURNALISTS: 1 212 553 0376 Consumer Service: 1 212 553 1653 Releasing Workplace: Moody's Traders Service, Inc. 250 Greenwich Road New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Consumer Service: 1 212 553 1653
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