PBF Energy 2012 Annual Report Download - page 121

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)
9 - CREDIT FACILITY AND LONG-TERM DEBT (Continued)
Catalyst Leases (Continued)
was $267. This lease was amended in December 2012 to extend the maturity date to November 2013, with a
lease fee of $262, payable at maturity. The Paulsboro catalyst lease is included in long-term debt as of
December 31, 2012 as the Company has the ability and intent to finance this debt through availability under other
credit facilities if the catalyst lease is not renewed at maturity.
The Toledo catalyst lease was entered into effective July 1, 2011 and has a three year term. Proceeds from the
lease of $18,345, net of a facility fee of $279, were used to repay a portion of the Toledo Promissory Note. The
lease fee for the first one year period was $997. The lease fee is payable quarterly and will be reset annually
based on current market conditions. The lease fee for the second one year period beginning July 2012 is $967,
payable quarterly.
The Delaware City catalyst lease was entered into in October 2010 and has a three year term. Proceeds from the
lease were $17,474, net of $266 in facility fees. The lease fee is payable quarterly and resets annually based on
current market conditions. The lease fee for the first and second one year period beginning in October 2010 was
$1,076 and $946, respectively. The lease fee for the third one year period beginning in October 2012 is $1,048.
The Delaware City catalyst lease is included in long-term debt as of December 31, 2012 as the Company has the
ability and intent to finance this debt through availability under other credit facilities if the catalyst lease is not
renewed at maturity.
Letter of Credit Facility
PBF Holding and certain of its subsidiaries maintained a short-term letter of credit facility, which was renewed
and expanded in April 2012, under which PBF Holding could obtain letters of credit of up to $750,000 consisting
of a committed amount of $500,000 and an uncommitted amount of $250,000 to support certain of PBF
Holding’s crude oil purchases. PBF Holding was charged letter of credit issuance fees on each letter of credit,
plus a fee on the aggregate unused portion of the committed letter of credit facility. PBF Holding terminated the
letter of credit facility in December 2012. At December 31, 2011, PBF Holding had $241,500 of letters of credit
issued under the letter of credit facility.
Long-term debt outstanding consisted of the following:
December 31,
2012
December 31,
2011
Senior Secured Notes ......................... $666,538 $ —
Revolving Loan .............................. — 270,000
Toledo Promissory Note ....................... — 181,655
Paulsboro Promissory Note ..................... — 160,000
Term Loan .................................. — 123,750
Catalyst leases ............................... 43,442 30,266
Construction Financing ........................ — 19,194
709,980 784,865
Less—Current maturities ...................... — (4,014)
Long-term debt .............................. $709,980 $780,851
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