PBF Energy issues $500M in 7.25% senior notes to refinance 2028 debt at higher rate

Filed May 28, 2026 · Period ending May 28, 2026 · ~1 min read

Key Changes

• high

  Issued $500M of 7.25% senior notes due 2034, receiving $492.7M net proceeds after fees. Proceeds will fund full redemption of existing 6.00% notes due 2028, extending maturity by 6 years but increasing annual interest expense by 125 basis points.

  Item 1.01 verify on EDGAR →
• medium

  New notes include standard high-yield covenants restricting additional debt, dividends, asset sales, and related-party transactions. These protect bondholders but limit management's financial flexibility for capital allocation and M&A.

  Item 1.01 verify on EDGAR →
• medium

  Company can redeem up to 40% of notes before June 2029 at 107.25% of face value using equity proceeds, with full redemption allowed after 2029. Provides refinancing flexibility if rates decline or credit improves.

  Item 1.01 verify on EDGAR →