Buckeye Partners L.P.NYSE
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  • Mon, Oct. 24, 4:49 PM
    • Buckeye Partners (NYSE:BPL) -3.7% AH after agreeing to acquire a 50% equity interest in VTTI’s global marine terminal business for $1.15B; the assets will be owned 50/50 with Vitol.
    • VTTI is one of the largest independent global marine terminal businesses, owning and operating ~54M barrels of petroleum products storage across 13 terminals, located in mostly northwest Europe, the UAE and Singapore.
    • To help fund the deal, BPL launches a 7.5M-unit public offering, with an underwriters option to purchase up to an additional 1.125M units.
    • BPL also reports better than expected Q3 earnings on a 5% Y/Y revenue gain to $766M.
    | Mon, Oct. 24, 4:49 PM | 4 Comments
  • Sep. 2, 2014, 4:37 PM
    • Buckeye Partners (NYSE:BPL) agrees to acquire an 80% interest in a Corpus Christi terminal complex and associated Eagle Ford assets in south Texas from Trafigura for $860M.
    • BPL will own and operate a vertically integrated system of midstream assets including a deepwater, high volume marine terminal located on the Corpus Christi Ship Channel, a condensate splitter and liquefied petroleum gas storage complex in Corpus Christi, and three crude oil and condensate gathering facilities in the Eagle Ford shale.
    • The assets are supported by 7- to 10-year minimum volume throughput, storage and tolling agreements with Trafigura.
    • BPL expects the deal to be "highly accretive" to distributable cash flow per limited partner unit in 2016 and beyond.
    • To help fund the deal, BPL says it has launched a public offering of 5.5M limited partnership units.
    • BPL -1.7% AH.
    | Sep. 2, 2014, 4:37 PM
  • Jul. 29, 2014, 8:44 AM
    • Buckeye Partners (NYSE:BPL) agrees to sell all outstanding limited liability company interests in Lodi Gas Storage to Brookfield Infrastructure (NYSE:BIP) and its institutional partners for $105M.
    • Lodi owns a natural gas storage facility in Northern California.
    • The deal is subject to approval by California's utilities regulator.
    | Jul. 29, 2014, 8:44 AM | 8 Comments