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Energy

Buckeye Offers More Units (BPL, BGH)

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By Douglas A. McIntyre Updated Published
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Pipeline master limited partnership Buckeye Partners, L.P. (NYSE:BPL) is offering 2.6 million new common units at a price of $36.25/unit. The number of units offered was raised from an initial 2.35 million units.

Barclays Capital, Citi, J.P. Morgan, and Wachovia Securities are joint book-runners, and Deutsche Bank Securities is acting as co-manager of the offering. The underwriters have been granted an overallotment option of up to 390,000 units.

Buckeye plans to use the funds to “reduce the indebtedness outstanding under its revolving credit facility.” As might be expected, the company’s common units have dropped by nearly 5% so far this morning on very heavy volume for Buckeye units.

The general partner of Buckeye is owned by Buckeye GP Holdings L.P. (NYSE: BGH). Common units of Buckeye GP are essentially unchanged this morning, trading at $16.66/common unit.

Paul Ausick
March 26, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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