PBF Logistics acquires Ohio storage facility in ‘drop-down’ deal

Listen to this article

Parsippany-based PBF Logistics LP has made another “drop-down” deal, it said Tuesday, acquiring the Toledo Storage Facility in Ohio from a subsidiary of PBF Energy for $150 million.The deal for the so-called Tank Farm #2 includes $135 million in cash and $15 million in limited partner interests, PBF Logistics — or PBFX — said in a news release. When the deal closes, PBF Logistics will enter into a 10-year term storage and terminaling services agreement with PBF Energy subsidiaries.

“Tank Farm #2 is PBFX’s second asset drop-down acquisition and reflects our ongoing commitment to deliver growth to PBFX’s unit holders,” Thomas Nimbley, the CEO of both PBF Logistics and PBF Energy, said in a prepared statement. “At the same time, PBF Energy gains additional cash and resources to pursue growth opportunities and to return value to our shareholders.”

PBF Energy Inc. is an independent oil refiner. In addition to the Delaware City refinery, it operates facilities in Paulsboro and Toledo, Ohio. It is the majority owner of the PBF Logistics LP partnership.

ALSO ON NJBIZ:

NJBIZ presents: The 24 Lists of Christmas (Day One)

5 N.J. hospitals named to Leapfrog’s Top Hospitals list

Glaxo job cuts coming soon, reports say; could affect N.J. workers