Buckeye Partners raises $108.39 million through public offering of units

Tue. April 28, 2009; Posted: 02:23 PM

Apr 28, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- BPL | Quote | Chart | News | PowerRating -- Buckeye Partners, L.P., a US-based company engaged in the transportation of refined petroleum products, has raised $108.39 million through a public offering of limited partnership units. Including the over-allotment option which was exercised in full by the underwriters, the company sold a total of 2.99 million limited partnership units at a price of $36.25 per share.

Update on March 26, 2009:

Buckeye Partners has priced its public offering of 2.6 million limited partnership units at a price of $36.25 per share, to raise gross proceeds of $94.25 million.

The company has increased the size of the public offering from 2.35 million limited partnership units to 2.6 million limited partnership units. The underwriters have been granted an option to purchase up to 0.39 million additional limited partnership units.

Announcement (March 25, 2009):

Buckeye Partners has commenced a public offering of 2.35 million limited partnership units.

The underwriters have been granted an option to purchase up to 352,500 additional limited partnership units.

Barclays Capital, Inc., Citigroup Global Markets, Inc., J.P. Morgan Securities, Inc., and Wachovia Securities, LLC are acting as joint book-running managers to the offering. Deutsche Bank AG is acting as underwriter to the offering.

Deal Value (US$ Million) 108.39
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-04-24

Deal Participants

Target (Company) Buckeye Partners, L.P.

Deal Rationale

Buckeye intends to use the net proceeds from the offering to reduce the indebtedness outstanding under its revolving credit facility.

Offer Price ($ per share) 36.25
No. Shares Issued         2990000

For full details on Buckeye Partners (L.P.) (BPL) click here. Buckeye Partners (L.P.) (BPL) has Short Term PowerRatings of 5. Details on Buckeye Partners (L.P.) (BPL) Short Term PowerRatings is available at This Link.

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