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PBF > SEC Filings for PBF > Form 8-K on 1-Jul-2013All Recent SEC Filings

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Form 8-K for PBF ENERGY INC.


1-Jul-2013

Entry into a Material Definitive Agreement


Item 1.01 Entry Into a Material Definitive Agreement.

On June 26, 2013, PBF Holding Company LLC ("PBF Holding"), an indirect subsidiary of PBF Energy Inc., and two of its wholly-owned subsidiaries, Paulsboro Refining Company LLC and Delaware City Refining Company LLC (collectively "PBF") entered into two separate inventory intermediation agreements ("Intermediation Agreements") with J. Aron & Company ("J. Aron"). The agreements commence upon PBF's termination of its inventory offtake agreements with Morgan Stanley Capital Group Inc. as previously described in our Form 8-K dated January 2, 2013.
Pursuant to the Intermediation Agreements, J. Aron will purchase and hold title to all of the intermediate and finished products (the "Products") produced by the Paulsboro and Delaware City refineries (the "Refineries") and delivered into PBF's tanks at the Refineries. Furthermore, J. Aron agrees to sell the Products back to PBF as the Products are discharged out of the Refineries' tanks. J. Aron has the right to store the Products purchased in PBF's tanks under the Intermediation Agreements and will retain these storage rights for the term of the agreements. PBF will market and sell the Products independently to third parties.
The Intermediation Agreements expire on July 1, 2015, subject to certain early termination rights, and include a one-year renewal clause by mutual consent of both parties.


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