PBF Energy unveils $500 mln notes deal, shares up premarket

By Reuters News

** Oil refiner PBF Energy's PBF.N shares up 1.1% at $79.20 in premarket trading on Mon as it seeks capital raise

** PBF shares up as energy stocks track crude prices higher following new strikes on Saudi Arabia energy infrastructure and attacks on ships in the Middle East compounded supply concerns

** Parsippany, New Jersey-based PBF announces private offering of $500 mln exchangeable notes due Jan 15, 2032

** Co intends to use net proceeds to fully repay/redeem its 7.875% unsecured notes due 2030

** Also intends to use some proceeds to fund capped call transactions, employed to help mitigate potential dilution

** PBF has about $9.3 bln market cap

** Shares finished up 1.6% on Fri, notching record high close of $78.30; they have surged 189% YTD, well outpacing 46% advance in S&P 400 Energy index .SPMDCEN

** Avg rating of 14 analysts is "hold"; median PT of $69 up from $43 on Jun 14, per LSEG

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.