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Buckeye Partners issues 6,220,658 of class C units for $265M

Buckeye Partners LP on March 2 issued 6,220,658 of its class C units to certain affiliates of Kayne Anderson Capital Advisors LP and Tortoise Capital Advisors LLC for consideration of about $265.0 million, according to a March 5 SEC filing.

The net proceeds from the offering, estimated at about $262.1 million, will be used to repay the master limited partnership's revolving debt, to prefund the equity portion of its remaining 2018 and 2019 growth capital expenditure program and for general partnership purposes, according to a previous release.