Buckeye Partners (BPL) Sells More Units

October 26, 2016 6:29 AM EDT

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Buckeye Partners, L.P. (NYSE: BPL) announced that the underwriters of its recently announced equity offering have exercised in full their option to purchase an additional 1,162,500 limited partnership units representing limited partner interests in Buckeye (“LP Units”). As part of Buckeye’s equity offering that priced on October 24, 2016, Buckeye provided the underwriters a 30-day option to purchase up to 1,162,500 additional LP Units. Buckeye expects the offering of LP Units, including the LP Units subject to the exercise of the option, to close on October 28, 2016, subject to customary closing conditions. As previously disclosed, 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 and for general partnership purposes. 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 Capital Inc. is acting as the sole bookrunner and RBC Capital Markets, LLC and UBS Securities LLC are acting as co-managers 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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