Stroock & Stroock & Lavan LLP announced today that its client PBF Energy Inc. has priced its initial public offering of 20,500,000 shares of its Class A common stock at a price to the public of $26 per share. The shares began trading today under the ticker symbol “PBF” on the New York Stock Exchange.
PBF Energy will use a significant portion of the offering’s net proceeds to acquire equity interests in its subsidiary, PBF Energy Company LLC, from its majority owners, funds affiliated with First Reserve Corporation, a leading global investment firm dedicated to the energy industry; and Blackstone, one of the largest alternative asset managers in the world and a leading private equity investor in the energy industry.
Stroock has represented PBF Energy and its management team in numerous transactions over the past 25 years, including capital raises, mergers and acquisitions, commodities and derivatives and tax advice.
“We are thrilled that our longtime client has completed its IPO,” said Todd E. Lenson, a partner in Stroock’s Corporate practice group who also represented PBF Energy in its recent high yield notes offering. “Stroock looks forward to maintaining its strong relationship with PBF Energy during this exciting time in the company’s history and thereafter.”
In addition to Mr. Lenson, the Stroock team that handled the offering include Martin H. Neidell; tax partners Mayer Greenberg and Jon Kusko and Employee Benefits and Executive Compensation partner Steven W. Rabitz, with assistance from, among others, associates Jordan M. Rosenbaum, Daniel N. Park, Anthony Distinti and Danielle Motelow.
PBF Energy is one of the largest independent refiners in North America, operating oil refineries and related facilities in Delaware City, Delaware; Paulsboro, New Jersey; and Toledo, Ohio.
