Buckeye Partners (NYSE: BPL ) is hoping to get more bang for its buck by increasing the size of a planned units issue. The firm will float an underwritten public offering of 7.5 million units priced at $62.61 apiece. That represents an increase from the previously announced volume of 6.5 million units. Additionally, the company's underwriters have been granted a purchase option for up to an additional 1.125 units.
Buckeye Partners said it plans to use the proceeds of the issue to help fund its just-announced acquisition of Hess' East Coast terminal network, as well as for debt retirement and "general partnership purposes."
The joint book-running managers of the offering are Barclays (NYSE: BCS ) , Morgan Stanley (NYSE: MS ) , UBS (NYSE: UBS ) , JPMorgan Chase's (NYSE: JPM ) J.P. Morgan, and the Securities wings of Wells Fargo and Deutsche Bank (NYSE: DB ) .
At the moment, Buckeye Partners has just over 106 million units outstanding, which most recently closed at the offering's price of $62.61 per unit.