PBF Logistics L.P. has launched a $150 million add-on to the notes.


The company has launched a $150 million add-on to the notes. This brings the 
total issue amount to $500 million. The company will use net proceeds from the 
add-on to repay existing borrowings on the credit facility. 

Our 'BB' issue-level rating and '1' recovery rating on the company's senior 
secured credit facility are unchanged. The '1' recovery rating reflects our 
expectation of very high (90%-100%; rounded estimate: 95%) recovery in the 
event of default. Our 'B+' corporate credit rating and stable outlook on PBF 
Logistics are also unchanged.

The ratings on PBF Logistics L.P. represent the company's limited operating 
history; small scale; and narrow but growing geographic footprint, and 
reliance on its partner sponsor, PBF Energy Inc., for most of its revenue. PBF 
Logistics' short track record as a master limited partnership, as well as its 
small size, scale, and geographic footprint, limits the current rating.