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Buckeye Partners Upsizes New Units Issue

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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.

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9/23/2016 4:02 PM
BPL $71.61 Down -0.29 -0.40%
Buckeye Partners CAPS Rating: *****