Buckeye Partners, L.P. Prices $400 Million Offering of Senior Notes
November 09 2017 - 3:57PM
Buckeye Partners, L.P. (“Buckeye”) (NYSE:BPL) announced today that
it has priced an offering of $400 million aggregate principal
amount of 4.125% senior unsecured notes due 2027 at 99.503% of
par. Buckeye anticipates the offering will close on November
20, 2017, subject to customary closing conditions. Buckeye expects
to receive net proceeds after deducting the underwriting discount
and offering expenses in connection with the offering of
approximately $394.4 million. Buckeye intends to use the net
proceeds from this offering in addition to a portion of the net
proceeds from one or more potential future capital markets
transactions (which may include an offering of subordinated notes)
(i) to fund the redemption of all $300.0 million aggregate
principal amount of its outstanding 6.050% notes due January 15,
2018 and (ii) to repay borrowings under its revolving credit
facility.
Barclays Capital Inc., PNC Capital Markets LLC
and SunTrust Robinson Humphrey, Inc. are acting as joint
book-running managers of the senior unsecured notes offering.
BB&T Capital Markets, a division of BB&T Securities, LLC,
BNP Paribas Securities Corp., Morgan Stanley & Co. LLC, SMBC
Nikko Securities America, Inc. are acting as the passive
book-running managers and BBVA Securities Inc. is acting as the
co-manager.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy the securities
described herein, nor shall there be any sale of these securities
in any state or jurisdiction in which such an offer, solicitation,
or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. The
offering may be made only by means of a prospectus supplement and
accompanying base prospectus.
Copies of the prospectus supplement and
accompanying base prospectus related to this offering may be
obtained from: Barclays, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, New York 11717, by email at
barclaysprospectus@broadridge.com, or by telephone at (888)
603-5847; PNC Capital Markets LLC, 300 Fifth Ave., Floor 10,
Pittsburgh, PA 15222, Attn: Kathleen Riley, by email at
Kathleen.Riley@pnc.com, or by telephone at (855) 881-0697; or
SunTrust Robinson Humphrey, 303 Peachtree Street, Atlanta, Georgia
30308, Attn: Prospectus Department, by email at
STRHdocs@SunTrust.com, or by telephone at (800) 685-4786. You may
also obtain these documents for free by visiting EDGAR on the SEC’s
website at www.sec.gov.
About Buckeye Partners,
L.P.
Buckeye Partners, L.P. (NYSE:BPL) is a publicly
traded master limited partnership that owns and operates, or owns a
significant interest in, a diversified global network of integrated
assets providing midstream logistic solutions, primarily consisting
of the transportation, storage, processing and marketing of liquid
petroleum products. Buckeye is one of the largest independent
liquid petroleum products pipeline operators in the United States
in terms of volumes delivered, with approximately 6,000 miles of
pipeline. Buckeye also uses its service expertise to operate and/or
maintain third-party pipelines and perform certain engineering and
construction services for its customers. Buckeye’s global terminal
network, including through its interest in VTTI B.V. (“VTTI”),
comprises more than 135 liquid petroleum products terminals with
aggregate storage capacity of over 173 million barrels across our
portfolio of pipelines, inland terminals and marine terminals
located primarily in the East Coast, Midwest and Gulf Coast regions
of the United States as well as in the Caribbean, Northwest Europe,
the Middle East and Southeast Asia. Buckeye’s global network of
marine terminals enables it to facilitate global flows of crude oil
and refined petroleum products, offering its customers connectivity
between supply areas and market centers through some of the world’s
most important bulk liquid storage and blending hubs. Buckeye’s
flagship marine terminal in The Bahamas, Buckeye Bahamas Hub
Limited, is one of the largest marine crude oil and refined
petroleum products storage facilities in the world and provides an
array of logistics and blending services for the global flow of
petroleum products. Buckeye’s Gulf Coast regional hub, Buckeye
Texas Partners LLC, offers world-class marine terminalling, storage
and processing capabilities. Through its 50% equity interest in
VTTI, Buckeye’s global terminal network offers premier storage and
marine terminalling services for petroleum product logistics in key
international energy hubs. Buckeye is also a wholesale distributor
of refined petroleum products in certain areas served by its
pipelines and terminals. More information concerning Buckeye can be
found at www.buckeye.com.
This press release includes forward-looking
statements that we believe to be reasonable as of today’s date.
Such statements are identified by use of the words “anticipates,”
“believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,”
“projects,” “should,” and similar expressions. Actual results may
differ significantly because of risks and uncertainties that are
difficult to predict and that may be beyond our control. Among them
are (i) changes in federal, state, local, and foreign laws or
regulations to which we are subject, including those governing
pipeline tariff rates and those that permit the treatment of us as
a partnership for federal income tax purposes, (ii) terrorism and
other security risks, including cyber risk, adverse weather
conditions, including hurricanes, environmental releases, and
natural disasters, (iii) changes in the marketplace for our
products or services, such as increased competition, changes in
product flows, better energy efficiency, or general reductions in
demand, (iv) adverse regional, national, or international economic
conditions, adverse capital market conditions, and adverse
political developments, (v) shutdowns or interruptions at our
pipeline, terminalling, storage, and processing assets or at the
source points for the products we transport, store, or sell, (vi)
unanticipated capital expenditures in connection with the
construction, repair, or replacement of our assets, (vii)
volatility in the price of liquid petroleum products, (viii)
nonpayment or nonperformance by our customers, (ix) our ability to
integrate acquired assets with our existing assets and to realize
anticipated cost savings and other efficiencies and benefits, (x)
our ability to realize the expected benefits of our investment in
VTTI and (xi) our ability to successfully complete our organic
growth projects and to realize the anticipated financial benefits.
You should read our filings with the U.S. Securities and Exchange
Commission, including our Annual Report on Form 10-K for the year
ended December 31, 2016, for a more extensive list of factors that
could affect results. We undertake no obligation to revise our
forward-looking statements to reflect events or circumstances
occurring after today’s date except as required by law.
Contact:Kevin J. GoodwinVice President &
Treasurerirelations@buckeye.com(800) 422-2825
Buckeye Partners (NYSE:BPL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Buckeye Partners (NYSE:BPL)
Historical Stock Chart
From Apr 2023 to Apr 2024