Buckeye Partners (BPL) Announces 7.5M LP Units Offering
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Buckeye Partners, L.P. (NYSE: BPL) announced that it has commenced a public offering of 7,500,000 limited partnership units representing limited partner interests (“LP Units”) pursuant to an effective shelf registration statement. Buckeye expects to grant the underwriter an option to purchase up to 1,125,000 additional LP Units. 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.
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