Thursday, September 3, 2015

PBF trades up from IPO price

Refinery operator buying assets back from Blackstone, First Resources

PBF trades up from IPO price

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Shares of PBF Energy, the Parsippany, NJ-based company that runs the former Valero refineries in Paulsboro and Delaware City and Sunoco's first refinery in Toledo, Ohio, have been trading a buck or two above last Thursday's initial public stock offering (IPO) price of $26 a share.

PBF, run by veteran refinery buyer and seller Thomas O'Malley, says it raised $533 million, and will use the money to buy back shares from investors First Reserve Corp. and Blackstone Group, as well as O'Malley. More in this PBF statement and in PBF's share prospectus.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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