Buckeye Partners Prices $400 Million Offering of Senior Notes

11/12/17

HOUSTON, Nov. 09, 2017 (GLOBE NEWSWIRE) -- Buckeye Partners, L.P. (NYSE:BPL) announced today that it has priced an offering of $400 million aggregate principal amount of 4.125% senior unsecured notes due 2027 at 99.503% of par. Buckeye anticipates the offering will close on November 20, 2017, 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 $394.4 million. Buckeye intends to use the net proceeds from this offering in addition to a portion of the net proceeds from one or more potential future capital markets transactions (which may include an offering of subordinated notes) (i) to fund the redemption of all $300.0 million aggregate principal amount of its outstanding 6.050% notes due January 15, 2018 and (ii) to repay borrowings under its revolving credit facility.

Barclays Capital Inc., PNC Capital Markets LLC and SunTrust Robinson Humphrey, Inc. are acting as joint book-running managers of the senior unsecured notes offering. BB&T Capital Markets, a division of BB&T Securities, LLC, BNP Paribas Securities Corp., Morgan Stanley & Co. LLC, SMBC Nikko Securities America, Inc. are acting as the passive book-running managers and BBVA Securities Inc. is acting as the co-manager.

About Buckeye Partners, L.P.

Buckeye Partners, L.P. (NYSE:BPL) is a publicly traded master limited partnership that owns and operates, or owns a significant interest in, a diversified global network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, processing and marketing of liquid petroleum products. Buckeye is one of the largest independent liquid petroleum products pipeline operators in the United States in terms of volumes delivered, with approximately 6,000 miles of pipeline. Buckeye also uses its service expertise to operate and/or maintain third-party pipelines and perform certain engineering and construction services for its customers. Buckeye’s global terminal network, including through its interest in VTTI B.V. (“VTTI”), comprises more than 135 liquid petroleum products terminals with aggregate storage capacity of over 173 million barrels across our portfolio of pipelines, inland terminals and marine terminals located primarily in the East Coast, Midwest and Gulf Coast regions of the United States as well as in the Caribbean, Northwest Europe, the Middle East and Southeast Asia. Buckeye’s global network of marine terminals enables it to facilitate global flows of crude oil and refined petroleum products, offering its customers connectivity between supply areas and market centers through some of the world’s most important bulk liquid storage and blending hubs. Buckeye’s flagship marine terminal in The Bahamas, Buckeye Bahamas Hub Limited, is one of the largest marine crude oil and refined petroleum products storage facilities in the world and provides an array of logistics and blending services for the global flow of petroleum products. Buckeye’s Gulf Coast regional hub, Buckeye Texas Partners LLC, offers world-class marine terminalling, storage and processing capabilities. Through its 50% equity interest in VTTI, Buckeye’s global terminal network offers premier storage and marine terminalling services for petroleum product logistics in key international energy hubs. Buckeye is also a wholesale distributor of refined petroleum products in certain areas served by its pipelines and terminals. More information concerning Buckeye can be found at www.buckeye.com.

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