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
Travel Cards Are Getting Too Good To Ignore (sponsored)
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.