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PBF Logistics LP's underwriter exercises option to purchase 4m additional units.

M2 EQUITYBITES-September 13, 2016-PBF Logistics LP's underwriter exercises option to purchase 4m additional units

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Crude oil company PBF Logistics LP (NYSE:PBFX) said on Monday that the underwriter of its registered underwritten public offering of 4,000,000 common units has exercised its option to purchase an additional 375,000 common units.

Before underwriter's discounts and commissions, the company expects gross proceeds of about USD88m from the total public offering of 4,375,000 common units.

According to the company, a portion of the proceeds from the offering was used to fund part of the purchase price for its recent acquisition of a 50% interest in the Torrance Valley Pipeline Company LLC as well as for general partnership purposes.

Deutsche Bank Securities is the underwriter of the offering.

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Publication:M2 EquityBites (EQB)
Date:Sep 13, 2016
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