Buckeye Partners LP priced an offering of $600 million aggregate principal amount of senior unsecured notes, including $300 million 4.35% senior notes due 2024 and $300 million 5.60% senior notes due 2044 at 99.825% and 99.876% of par, respectively. Buckeye plans to close the offering on Sept. 12, subject to customary closing conditions. Buckeye expects to receive net proceeds, after the underwriting discount and connected offering expenses, of about $598.4 million.
Buckeye plans use the net proceeds to fund part of the purchase price of the previously announced transaction with Trafigura Corpus Christi Holdings Inc., to fund the redemption of all $275 million aggregate principal amount of its outstanding 5.3% notes due Oct. 15, 2014, and for general partnership purposes.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, Barclays Capital Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and RBC Capital Markets LLC are acting as joint book-running managers of the senior unsecured notes offering. BB&T Capital Markets, a division of BB&T Securities LLC, PNC Capital Markets LLC, SMBC Nikko Securities America Inc. and UBS Securities LLC are acting as co-managers of the offering.
Recommended Reading
Utility, Clean Energy Company Allete to Go Private in $6.2B Deal
2024-05-06 - The Minnesota-based utility said on May 6 it agreed to be acquired by a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners.
Valaris’ 1Q Sets Positive Tone for Offshore
2024-05-06 - Coming out of first-quarter 2024, drilling contractor Valaris expects a sustained upcycle for the offshore drilling industry supported by demand growth, OPEC+ production cuts and supportive commodity prices.
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
2024-05-04 - Tamboran Resources Corp. is majority owned by Permian wildcatter Bryan Sheffield and chaired by Haynesville and Eagle Ford discovery co-leader Dick Stoneburner.
1Q24 Dividends Declared in the Week of April 29
2024-05-03 - With earnings season in full swing, upstream and midstream companies are declaring quarterly dividends. Here is a selection of dividends announced in the past week.
Analyst Questions Kimmeridge’s Character, Ben Dell Responds
2024-05-02 - The analyst said that “they don’t seem to be particularly good actors.” Ben Dell, Kimmeridge Energy Partners managing partner, told Hart Energy that “our reputation is unparalleled.”