PBF Energy Acquires Hydrogen Plants and Announces Debt Offering

PBF Energy Inc. and its subsidiary PBF Holding Company LLC announced two significant corporate developments on September 14, 2026. The company disclosed the acquisition of hydrogen production plants from Air Products and the commencement of a new debt offering.

On September 9, 2026, PBF Energy Company LLC, a subsidiary of PBF Energy, completed the acquisition of two hydrogen production plants located at the Torrance refinery. The assets were previously subject to operating lease arrangements. Following the transition period with Air Products, the plants will be operated by Torrance Refining Company LLC. The transaction consideration included a cash payment of $44.8 million at closing and the issuance of a promissory note. The note, guaranteed by PBF Energy Inc., was recorded as a debt of approximately $342.2 million as of September 9, 2026, which includes the estimated value of contingent payment obligations.

In separate financial news, PBF Holding and its subsidiary PBF Finance Corporation intend to commence a private offering of $500.0 million in aggregate principal amount of senior unsecured exchangeable notes due 2032. The company stated it intends to use the net proceeds from this offering, along with available cash, to fully redeem its outstanding 7.875% Senior Unsecured Notes due 2030. PBF Holding issued a notice of conditional optional full redemption for the $500 million of 2030 Notes at a price of 103.938% of the aggregate principal amount, plus accrued interest, with a redemption date of September 24, 2026. This redemption is contingent upon the successful completion of one or more debt financings with aggregate gross proceeds of no less than $500.0 million.

Additionally, PBF Holding is currently in discussions with lenders to amend the terms of its existing revolving credit facility. The proposed amendment would extend the maturity of borrowings to 2031 and adjust the maximum borrowing capacity to a range of $3.5 billion to $4.0 billion. The company expects the renewal to be consummated by the end of the third quarter of 2026.