PBF Holding Company LLC, and PBF Energy Inc., entered into a new asset-based revolving credit agreement, among PBF, Bank of America, National Association, as administrative agent, and certain other lenders. The 2018 Revolving Loan replaced the existing asset-based revolving credit agreement dated as of August 15, 2014 among PBF, UBS AG, Stamford Branch and certain other lenders.

The 2018 Revolving Loan has a maximum commitment of $3.4 billion (as compared to $2.6 billion under the August 2014 Revolving Credit Agreement), a maturity date of May 2023 (as compared to August 2019 under the August 2014 Revolving Credit Agreement) and redefines certain components of the Borrowing Base (as defined in the agreement) to make more funding available for working capital and other general corporate purposes. In addition, an accordion feature allows for commitments of up to $3.5 billion. The commitment fees on the unused portion, the interest rate on advances and the fees for letters of credit are consistent with the August 2014 Revolving Credit Agreement. The 2018 Revolving Loan contains representations, warranties and covenants by PBF Holding and the other borrowers, as well as customary events of default and indemnification obligations that are consistent with, or more favorable to PBF than, those in the August 2014 Revolving Credit Agreement.

BofA serves as the administrative agent under the 2018 Revolving Loan for the 28-bank syndicate participating in the facility. Certain of the banks included in the syndicate participating in the facility and their respective affiliates have in the past provided, are currently providing and in the future may continue to provide, investment banking, commercial banking and other financial services to PBF in the ordinary course of business for which they have received and may in the future receive customary compensation. Certain of the 28-bank syndicate participating in the facility and their respective affiliates also have commitments with the Company’s subsidiary, PBF Logistics LP, under a $360.0 million revolving credit facility and a $525.0 million senior notes indenture.