PBF Energy Launches $500M Exchangeable Notes Offering to Refinance 2030 Debt
PBF has more than doubled off its 52-week low of $25.62.
Summary
PBF Energy announced a $500 million exchangeable notes offering to redeem its 2030 notes, closed the Air Products hydrogen plant acquisition, and is negotiating a larger revolving credit facility.
Key Events · Financing and Capital Events · PBF
-
$500M Exchangeable Notes Offering
PBF Holding and PBF Finance intend to offer $500 million of senior unsecured exchangeable notes due 2032, with an option for an additional $50 million. Proceeds will fund redemption of the 7.875% Senior Notes due 2030.
-
2030 Notes Conditional Redemption
Notice issued for full redemption of $500 million of 2030 Notes at 103.938% of principal plus accrued interest, conditioned on completing debt financings of at least $500 million.
-
Capped Call Transactions
PBF Energy expects to enter capped call transactions to reduce potential dilution from note exchanges and offset cash payments above principal.
-
Air Products Asset Purchase Closed
Closed September 9, 2026: acquired two hydrogen plants at Torrance refinery for $44.8 million cash plus a $342.2 million promissory note guaranteed by PBF Energy.
Analysis · PBF · Energy & Transportation
PBF Energy is refinancing its 7.875% Senior Notes due 2030 with a new $500 million exchangeable notes offering due 2032. The exchangeable feature introduces potential future equity dilution, though capped call transactions are expected to mitigate that impact. The filing also discloses the closing of the Air Products hydrogen plant acquisition for $44.8 million cash plus a $342.2 million promissory note, and ongoing discussions to renew its revolving credit facility with a larger $3.5-4.0 billion capacity and extended 2031 maturity. This is a significant capital structure event for a company that recently reported strong Q2 earnings and is trading near its 52-week high.
How filings like this one have moved
In the 30 days to Sep 14, 2026, 29.9% of the 1591 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.24%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PBF was trading at $79.41 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $9.3B. The 52-week trading range was $25.62 to $82.61. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.