trending Market Intelligence /marketintelligence/en/news-insights/trending/ttoep0spnoyeeqkwhzi_yg2 content esgSubNav
In This List

Buckeye Partners to sell up to $315M of units to pay down debt, fund CapEx

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Blog

Essential Energy Insights, May 2021

Video

COVID-19 Impact & Recovery: Energy Outlook for H2 2021

Blog

Corporate renewables market flourished in 2020 despite pandemic


Buckeye Partners to sell up to $315M of units to pay down debt, fund CapEx

Buckeye Partners LP announced a private placement of its 6,220,658 class C units for total proceeds of $265.0 million, with purchasers granted the option to buy up to an additional $50.0 million of class C units on or before March 30.

The net proceeds from the offering will be used to repay the master limited partnership's revolving debt, to pre-fund the equity portion of its remaining 2018 and 2019 growth capital expenditure program and for general partnership purposes, according to a Feb. 26 release.

"This transaction reinforces our commitment to maintain our annual distribution at our current level of $5.05 per unit," said Buckeye CEO Clark Smith in the release.

The midstream company expects the offering to close on March 2. Investors include accounts managed by Kayne Anderson Capital Advisors LP and Tortoise Capital Advisors LLC.

Barclays Capital Inc. is acting as sole placement agent for the Buckeye private placement.