DEBT

6 Months Ended

Jun. 30, 2022

Total debt was comprised of the following:


	June 30, 2022		December 31, 2021
2023 Notes (1)	$	525,000	$	525,000

Revolving Credit Facility (2)(3)	30,000		100,000
Total debt outstanding	555,000		625,000
Unamortized debt issuance costs	(2,197)		(3,383)
Unamortized 2023 Notes premium	574		927
Net carrying value of debt	$	553,377	$	622,544

___________________

(1)The 2023 Notes (as defined below) are due May 2023 and are included in Long-term debt as of June 30, 2022 as the Partnership has the ability and intent to refinance this debt through availability under other credit facilities, including credit facilities of the Partnership’s parent sponsor, PBF Energy, in the event the debt is not renewed at maturity.

(2)As of June 30, 2022, PBFX had $3,508 of outstanding letters of credit and $466,492 available under its $500,000 amended and restated revolving credit facility with Wells Fargo Bank, National Association, as administrative agent and a syndicate of lenders (as amended, the “Revolving Credit Facility”).

(3)During the six months ended June 30, 2022, PBFX made net repayments of $70,000 under the Revolving Credit Facility.

Fair Value Measurement

A fair value hierarchy (Level 1, Level 2, or Level 3) is used to categorize fair value amounts based on the quality of inputs used to measure fair value. Accordingly, fair values derived from Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities. Fair values derived from Level 2 inputs are based on quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are either directly or indirectly observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

The estimated fair value of the Revolving Credit Facility approximates its carrying value, categorized as a Level 2 measurement, as this borrowing bears interest based on short-term floating market interest rates. The estimated fair value of the Partnership’s 6.875% Senior Notes due 2023 (the “2023 Notes”), categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the 2023 Notes and was approximately $516,925 and $513,661 at June 30, 2022 and December 31, 2021, respectively. The carrying value and fair value of PBFX’s debt, exclusive of unamortized debt issuance costs and unamortized premium on the 2023 Notes, was $555,000 and $546,925 as of June 30, 2022, respectively, and $625,000 and $613,661 as of December 31, 2021, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

PBF Logistics LP 10-Q