PBF Energy 2012 Annual Report Download - page 102

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PBF ENERGY INC. AND SUBSIDIARIES
(COMBINED AND CONSOLIDATED WITH PBF ENERGY COMPANY LLC AND SUBSIDIARIES)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT AND BARREL DATA)
1- ORGANIZATION AND BASIS OF PRESENTATION (Continued)
Initial Public Offering (Continued)
financial sponsors, which were then reclassified as PBF LLC Series C Units. The remaining proceeds from the initial
public offering in the amount of $41.6 million were used to acquire 1,600,000 newly-issued PBF LLC Series C Units
from PBF LLC. PBF LLC used the proceeds from the sale of the PBF LLC Series C Units to pay the expenses of the
IPO. There was no change in carrying value of PBF LLC’s assets and liabilities as a result of the IPO or the IPO-
related reorganization transactions.
The following table summarizes the proceeds and use of proceeds from the IPO:
PBF Energy Inc.
Gross proceeds from 23,567,868 Class A common
shares ..................................... $612,760
Use of Proceeds:
Purchase PBF LLC Series A Units from
existing owners ......................... (571,160)
Purchase newly-issued PBF LLC
Series C Units .......................... (41,600)
PBF Energy Inc.net proceeds .................... $ —
PBF Energy Company LLC
Gross proceeds from sale of PBF LLC Series C Units to
PBF Energy ................................. $41,600
Use of Proceeds:
IPO related expenses, including aggregate
underwriting discounts of $33,700 ........... (41,600)
PBF Energy Company LLC net proceeds ............ $ —
F-10