Key Developments: Buckeye Partners LP (BPL)
68.83USD
23 May 2013
$-0.29 (-0.42%)
$69.12
$68.64
$68.85
$67.41
309,477
433,690
$69.50
$44.37
Latest Key Developments (Source: Significant Developments)
Buckeye Partners LP Increases Quarterly Cash Distribution
Buckeye Partners LP announced that general partner declared a cash distribution of $1.05 per limited partner (LP) unit for the quarter ended March 31, 2013. Class B unit holders will not receive a distribution of cash, but instead will be issued additional Class B units pursuant to Buckeye's partnership agreement. The distribution will be payable on May 31, 2013 to unit holders of record on May 16, 2013. This cash distribution represents a 1.2% increase over the $1.0375 per LP unit distribution declared for the first quarter of 2012. Full Article
Buckeye Partners LP Declares Cash Distribution
Buckeye Partners LP announced that its general partner has declared a cash distribution of $1.0375 per limited partner (LP) unit for the quarter ended December 31, 2012. Class B unitholders will not receive a distribution of cash, but instead will be issued additional Class B units pursuant to Buckeye's partnership agreement. The distribution will be payable on February 28, 2013, to unitholders of record on February 19, 2013. Full Article
Buckeye Partners LP Prices Offering Of Limited Partnership Units
Buckeye Partners LP announced that it has priced a public offering of 6,000,000 limited partnership units representing limited partner interests (LP Units) pursuant to an effective shelf registration statement at $52.54 per unit. The underwriters have been granted an option to purchase up to 900,000 additional LP Units. Buckeye intends to use the net proceeds from this offering to reduce the indebtedness outstanding under revolving credit facility. Barclays, Citigroup, Morgan Stanley, Wells Fargo Securities, Deutsche Bank Securities, J.P. Morgan and UBS Investment Bank are acting as joint book-running managers of the LP Unit offering. RBC Capital Markets and Jefferies are acting as the co-managers of the LP Unit offering. Full Article
Buckeye Partners LP Commences Public Offering Of 6,000,000 Limited Partnership Units
Buckeye Partners LP announced that it has commenced a public offering of 6,000,000 limited partnership units representing limited partner interests (LP Units) pursuant to an effective shelf registration statement. Buckeye expects to grant the underwriters an option to purchase up to 900,000 additional LP Units. Buckeye intends to use the net proceeds from this offering to reduce the indebtedness outstanding under its revolving credit facility. Barclays, Citigroup, Morgan Stanley, Wells Fargo Securities, Deutsche Bank Securities, J.P. Morgan, and UBS Investment Bank are acting as joint book-running managers of the LP Unit offering. Full Article
Buckeye Partners LP Declares Cash Distribution
Buckeye Partners LP announced that its general partner declared a cash distribution of $1.0375 per limited partner ("LP") unit for the quarter ended September 30, 2012. Class B unitholders will not receive a distribution of cash, but instead will be issued additional Class B units pursuant to Buckeye's partnership agreement. The distribution will be payable on November 30, 2012, to unitholders of record on November 12, 2012. Full Article
Buckeye Partners LP Declares Cash Distribution
Buckeye Partners LP announced that it has declared a cash distribution of $1.0375 per limited partner (LP) unit for the quarter ended June 30, 2012. Class B unitholders will not receive a distribution of cash, but instead will be issued additional Class B units pursuant to Buckeye's partnership agreement. The distribution will be payable on August 31, 2012 to unitholders of record on August 15, 2012. This cash distribution represents a 2.5% increase over the $1.0125 per LP unit distribution declared for the second quarter of 2011. Full Article
Buckeye Partners, L.P. Completes Acquisition of Liquid Petroleum Products Terminal in New York Harbor
Buckeye Partners, L.P. announced that it has completed its purchase of a marine terminal facility for liquid petroleum products in New York Harbor from Chevron U.S.A. Inc. (Chevron) for $260 million in cash. The facility sits on approximately 250 acres in Perth Amboy, New Jersey and is located only six miles from Buckeye's Linden, New Jersey complex. It features over four million barrels of storage, four docks on the Arthur Kill, and pipeline, rail, and truck access. Full Article
Buckeye Partners, L.P. Declares Quarterly Cash Distribution
Buckeye Partners, L.P. announced that its general partner declared a cash distribution of $1.0375 per limited partner (LP) unit for the quarter ended December 31, 2011. Class B unit holders will not receive a distribution of cash, but instead will be issued additional Class B units pursuant to Buckeye's partnership agreement. The distribution will be payable on February 29, 2012 to unit holders of record on February 21, 2012. This cash distribution represents a 5.1% increase over the $0.9875 per LP unit distribution declared for the fourth quarter of 2010. Full Article
Buckeye Partners, L.P. Announces Registered Direct Offering
Buckeye Partners, L.P. announced that it has entered into definitive agreements to sell to certain institutional investors an aggregate of 4,262,575 limited partnership units representing limited partner interests (LP Units) in a registered direct offering for gross proceeds of approximately $250.0 million, before deducting placement agents fees and estimated offering expenses. The investors have agreed to purchase the LP Units for a price of $58.65 per LP Unit. Buckeye plans to use the net proceeds from this offering to fund indirectly a portion of the $260 million cash purchase price to acquire a marine terminal facility for liquid petroleum products in New York Harbor from Chevron U.S.A. Inc. and certain other growth capital expenditures, and, pending such uses, to reduce the indebtedness outstanding under its revolving credit facility. The LP Units described above are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-178160), which was declared effective by the U.S. Securities and Exchange Commission (SEC) on December 6, 2011. Barclays Capital acted as lead placement agent, and Wells Fargo Securities acted as co-placement agent for the transaction. Full Article
Buckeye Partners, L.P.'s Subsidiary Announces Agreement To Acquire Liquid Petroleum Products Terminal In New York Harbor
Buckeye Partners, L.P. announced that its subsidiary, Buckeye Tank Terminals LLC, has signed a definitive agreement with Chevron U.S.A. Inc. to acquire a marine terminal facility for liquid petroleum products in New York Harbor for $260 million in cash. The facility, which sits on approximately 250 acres on the Arthur Kill in Perth Amboy, NJ, has over four million barrels of tankage, four docks, and significant undeveloped land available for potential expansion. The facility has water, pipeline, rail, and truck access, and is located only six miles from Buckeye's Linden, NJ complex. The acquisition, is expected to close in the latter half of the second quarter of 2012. Full Article
UPDATE 1-Buckeye's New Jersey petroleum connection ahead of schedule
May 3 - A project to connect Buckeye Partners LP's Perth Amboy, New Jersey, terminal to a pipeline transportation hub in nearby Linden is about three months ahead of schedule, Buckeye Chief Executive Clark Smith said on Friday.
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