Buckeye Partners prices $500M senior notes offering

Buckeye Partners LP

Buckeye Partners LP (NYSE:BPL) has priced $500 million of senior unsecured notes at 99.810% of par. The 4.15% notes mature July 1, 2023. Buckeye expects the offering to close on June 10, 2013, 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 $495.8 million. Buckeye intends to use the net proceeds from the offering for the repayment of amounts outstanding on the maturity of the $300.0 million principal amount of its 4.625% Notes due July 15, 2013, and for general partnership purposes.

Barclays Capital Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, and UBS Securities LLC are acting as joint book-running managers of the senior unsecured notes offering. Deutsche Bank Securities Inc., RBC Capital Markets LLC, SMBC Nikko Capital Markets Limited, and BB&T Capital Markets, a division of BB&T Securities LLC, are acting as the co-managers of the offering.

Buckeye Partners is a publicly traded master limited partnership that owns and operates one of the largest independent liquid petroleum products pipeline systems in the United States in terms of volumes delivered, with approximately 6,000 miles of pipeline.


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