PBF Energy rebounds after $500 mln convertible priced

PBF Energy

15/09/2026 15:20

** Shares of oil refiner PBF Energy PBF.N up 4.2% to $73.34 in early Tues trading after clinching $500 mln raise
** Parsippany, New Jersey-based PBF late Mon announced pricing private offering of $500 mln exchangeable notes due Jan 15, 2032
** Exchange price of $96.80 represents 37.5% premium to stock's last sale of $70.40 on Mon
** PBF shares finished down 10% on Mon after co unveiled offering to fully redeem its 7.875% unsecured notes due 2030
** Co intends to use $25.2 mln of proceeds for capped call transactions; cap price of $123.20 is 75% above stock's last close
** With move on the session, stock has surged about 170% YTD compared to 46% advance in S&P 400 Energy index .SPMDCEN
** Avg rating of 13 analysts is "hold"; median PT $70, per LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))