PBF Energy Prices $500M 0% Exchangeable Notes at 37.5% Premium
PBF has more than doubled off its 52-week low of $25.62 on elevated volume (2.4× avg).
Summary
PBF Energy priced $500 million of 0% exchangeable notes due 2032 at a 37.5% premium to its stock price, using proceeds to redeem higher-cost 2030 notes while capping dilution via capped call transactions.
Key Events · Financing and Capital Events · PBF
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$500M Exchangeable Notes Priced
PBF Holding priced $500 million of 0% senior unsecured exchangeable notes due 2032, with an initial exchange rate of 10.3306 shares per $1,000 principal amount, implying an exchange price of approximately $96.80 per share.
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37.5% Premium to Market
The initial exchange price represents a 37.5% premium over the last reported sale price of $70.40 per share on September 14, 2026, reflecting strong institutional demand for the offering.
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Capped Calls Limit Dilution
The company entered into capped call transactions with a cap price of $123.20 per share (75% premium), using $25.2 million of net proceeds to reduce potential dilution to common stock upon any exchange of notes.
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Proceeds to Redeem 2030 Notes
Estimated net proceeds of approximately $485 million (or $533.6 million if the $50 million option is fully exercised) will be used to repay or redeem all outstanding 7.875% Senior Unsecured Notes due 2030.
Analysis · PBF · Energy & Transportation
PBF Energy priced a $500 million 0% exchangeable notes offering due 2032, with an initial exchange price of $96.80 per share — a 37.5% premium to the last reported sale price of $70.40. The company will use $25.2 million of the estimated $485 million net proceeds to fund capped call transactions that reduce potential dilution, with the remainder earmarked to redeem its 7.875% Senior Notes due 2030. The premium pricing and capped call structure signal strong institutional demand and a shareholder-friendly approach to refinancing high-cost debt.
How filings like this one have moved
In the 30 days to Nov 2, 2026, 32.7% of the 1910 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. 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 $69.00 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $8.3B. The 52-week trading range was $25.62 to $82.61. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.