6.875% 2023 Senior Notes: 10% Yield To Maturity, 4.7X Coverage

This security had a 4.73X interest coverage in Q2, vs. 4.39 in Q1 2020. Its 2023 Senior Notes now yield 7.19% and go ex-dividend for their semi-annual interest payment on ~ 11/11/20. The annualized yield to maturity is 10.05%. These senior notes put us above the common in a liquidation scenario. They're continuously callable, at a rate of $101.72 until 5/15/2021, when they become callable at the par value of $100.00.

PBF Logistics LP (PBFX) is a midstream energy company. It owns, leases, acquires, develops, and operates crude oil and refined petroleum products terminals, pipelines, storage facilities, and other logistics assets in the United States. It has two segments: Transportation and Terminaling, and Storage.

Source: Seeking Alpha

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