PBF Logistics closes acquisition of east coast storage assets
Published by Alex Hithersay,
Tanks and Terminals,
PBF Logistics LP has announced the completion of the previously announced acquisition of CPI Operations LLC.
The assets acquired include a storage facility and other idled assets located on the Delaware River near Paulsboro, New Jersey, US.
The total consideration of US$107 million includes an initial payment at closing of US$75 million, plus working capital, with the balance being payable one year after closing.
The east coast storage assets include a storage facility with approximately 4 million bbls of multi-use storage capacity, of which over 50% is heated storage, an Aframax-capable marine facility, a rail facility, a truck terminal, equipment, contracts and other assets. With close proximity to the Paulsboro refinery, the assets are expected to provide opportunities with the PBF Logistics’ sponsor, PBF Energy. The company expects to invest approximately US$8.5 million over the next two years in projects to enhance facility capabilities and expects to achieve run-rate EBITDA of US$15.5 million at the end of 2020.
Read the article online at: https://www.tanksterminals.com/storage-tanks/02102018/pbf-logistics-closes-acquisition-of-east-coast-storage-assets/
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