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, Morgan Stanley, UBS, JPMorgan Chase's J.P. Morgan, and the Securities wings of Wells Fargo and Deutsche Bank.
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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