Buckeye Partners announces $210M in limited partnership unit sales
Buckeye Partners announced an agreement to sell limited partnership units representing limited partner interests for a total purchase price of approximately $210M, which represents approximately a 1% discount to the trading price at the time of the transaction. The LP Units are being sold in connection with a privately negotiated block trade pursuant to Buckeye's at-the-market equity distribution program. The offering is expected to close on or about September 21, 2017, subject to customary closing conditions. Buckeye intends to use the net proceeds to repay borrowings on its revolving credit facility, which in part were used to fund the previously announced merger of VTTI Energy Partners LP with and into a direct wholly owned subsidiary of VTTI B.V. and 2017 capital expenditures. Buckeye expects this offering to be sufficient to fund a portion of its growth capital projects, eliminating the need for additional equity offerings through mid-2018.