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Update: PBF Energy Shares Rise After Pricing $500 Million Exchangeable Notes Offering

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(Updates with the latest stock price movement in the headline and the first paragraph.)

PBF Energy (PBF) shares rose 6.1% on Tuesday, a day after the company said that, along with its PBF Finance unit, it priced $500 million worth of zero-rated exchangeable notes due 2032 in a private offering.

The deal is expected to close on Sept. 17.

PBF also granted the initial purchasers a 13-day option to buy up to an additional $50 million of notes, it said.

The initial exchange rate is $96.80 per share, according to the company.

Net proceeds, estimated at $485 million to $533.6 million, will be used to cover the cost of certain associated derivative transactions, repay other debt, and for general corporate purposes, PBF said.

Price: $74.60, Change: $+4.20, Percent Change: +5.97%

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$VEEA
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$CTNM$JNJ
Wire

Market Chatter: OpenAI Acquires Camera Startup Glass Imaging

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$MSFT