By Andrea Heisinger
New York, Jan. 4 - Buckeye Partners, LP sold $650 million of 4.875% 10-year senior notes on Tuesday at a spread of Treasuries plus 160 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa2/BBB/) were priced at 99.62 to yield 4.923%. They have a make-whole call at 25 bps over Treasuries until three months before maturity and then are callable at par.
The notes also feature a change-of-control put at 101% if an acquisition of Bahamas Oil Refining Co. International Ltd. is not completed by April 18, 2011.
Barclays Capital Inc. and SunTrust Robinson Humphrey, Inc. were the bookrunners.
Co-managers were BNP Paribas Securities Corp., Deutsche Bank Securities Inc., RBS Securities Inc. and Wells Fargo Securities LLC.
Proceeds are being used to finance a portion of the pending acquisition of an 80% interest of Borco from Vopak. If Vopak exercises the tag right, any additional proceeds will be used to fund the remaining 20% interest in Borco.
The refined petroleum products pipeline system is based in Houston.
| Issuer: | Buckeye Partners, LP
|
| Issue: | Senior notes
|
| Amount: | $650 million
|
| Maturity: | Feb. 1, 2021
|
| Bookrunners: | Barclays Capital Inc., SunTrust Robinson Humphrey, Inc.
|
| Co-managers: | BNP Paribas Securities Corp., Deutsche Bank Securities Inc., RBS Securities Inc., Wells Fargo Securities LLC
|
| Coupon: | 4.875%
|
| Price: | 99.62
|
| Yield: | 4.923%
|
| Spread: | Treasuries plus 160 bps
|
| Call: | Make-whole at Treasuries plus 25 bps until three months prior to maturity, then at par
|
| Change-of-control put: | At 101% if acquisition of Borco not completed by April 18
|
| Trade date: | Jan. 4
|
| Settlement date: | Jan. 13
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
