Buckeye Partners (BPL) Prices Larger 7.75M LP Units Offering for Proceeds of ~$512M

October 25, 2016 5:48 AM EDT

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Buckeye Partners, L.P. (NYSE: BPL) announced that it has priced a public offering of 7,750,000 limited partnership units representing limited partner interests (“LP Units”) pursuant to an effective shelf registration statement at $66.05 per LP Unit. The offering was upsized to 7,750,000 LP Units from the original offering size of 7,500,000 LP Units. The underwriter has been granted an option to purchase up to 1,162,500 additional LP Units. Buckeye expects the offering to close on October 28, 2016, subject to customary closing conditions. Buckeye intends to use the net proceeds from this offering to fund a portion of the purchase price of the previously announced investment in VTTI B.V. (“VTTI”). Pending such use, the net proceeds of this offering will be used to reduce the indebtedness outstanding under Buckeye’s revolving credit facility. If the investment in VTTI is not consummated, Buckeye intends to use the net proceeds to repay borrowings under Buckeye’s revolving credit facility and for general partnership purposes.

Barclays is acting as the sole bookrunner of the LP Unit offering.

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. You may also obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov.



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