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
Credit Card Companies Are Doing Something Nuts
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Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
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