PBF Energy 2012 Annual Report Download - page 48

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assets. As a result, PBF LLC may be unable to obtain cash from PBF Holding to satisfy our obligations and make
payments to our stockholders, if any. If PBF LLC makes such distributions to us, the holders of PBF LLC Series
A Units will also be entitled to receive distributions pro rata in accordance with the number of units held by them
and us.
The ability of PBF Holding to pay dividends and make distributions to PBF LLC is and in the future may be
limited by covenants in our ABL Revolving Credit Facility, the PBF Holding Senior Secured Notes and other
debt instruments, which are dependent on a number of factors outside of our control. As a result, we cannot
assure that we will be able to declare dividends as contemplated herein. See “Item 1A. Risk Factors-Risks
Related to Our Organizational Structure and our Class A Common Stock—We cannot assure you that we will
continue to declare dividends or have the available cash to make dividend payments.”
We did not pay any dividends on our Class A common stock during 2012. PBF LLC made pre-IPO cash
distributions to its members in the amount of $161.0 million during 2012. Immediately prior to the payment on
March 15, 2013 of our dividend on our Class A common stock, we intend to cause PBF LLC to make
distributions to the pre-IPO owners of PBF LLC and to us in an amount equal to $0.30 per unit on its outstanding
PBF LLC Series A Units and PBF LLC Series C Units, or $29.0 million in the aggregate. PBF LLC will, in turn,
cause PBF Holding to make an equivalent distribution to it. These distributions will be taken into account in
determining any future tax distributions made by PBF LLC.
40