PBF Energy closes sale of terminal assets for $175M

PBF Energy (PBF) announced the closing of the sale of terminal assets previously agreed on April 30, and announced on May 1. PBF Energy, through a subsidiary of PBF Logistics, has sold two refined product terminal facilities located in Philadelphia, PA and Knoxville, TN for $175M in cash. The combined assets include 38 storage tanks with approximately 1.9 million barrels of storage capacity, and associated truck racks. The transaction closed on September 30. Barclays served as the exclusive financial advisor to PBF.