Issuer: |
Buckeye Partners, L.P. | |
Trade Date: |
January 4, 2011 | |
Expected Settlement Date: |
January 13, 2011 (T + 7) | |
Principal Amount: |
$650,000,000 | |
Maturity Date: |
February 1, 2021 | |
Coupon: |
4.875% | |
Interest Payment Dates: |
February 1 and August 1, commencing August 1, 2011 | |
Price to Public: |
99.62% of principal amount | |
Net Proceeds: |
$643,305,000 after deducting the underwriting discount | |
Benchmark Treasury: |
2.625% due November 15, 2020 | |
Benchmark Treasury Yield: |
3.323% | |
Spread to Benchmark Treasury: |
160 bps | |
Yield to Maturity: |
4.923% | |
Make-Whole Call: |
MW + 25 bps | |
Special Mandatory Redemption: |
If the issuers acquisition of an 80% interest in | |
Bahamas Oil Refining Company International Limited is | ||
not consummated on or prior to 5:00 p.m., New York | ||
City time, on April 18, 2011, the issuer will be | ||
required to redeem all of the notes then outstanding | ||
at 101% of their aggregate principal amount, plus | ||
accrued and unpaid interest from the date of initial | ||
issuance to, but excluding, the date of redemption. | ||
Optional Redemption: |
At any time on or after the date that is three months | |
prior to their maturity date, the notes may be | ||
redeemed, in whole or from time to time in part, at | ||
the issuers option at par plus accrued and unpaid | ||
interest thereon to, but excluding, the date of | ||
redemption. | ||
Revised and Completed Pro |
In the Pro forma row of the table on pages S-7 and | |
Forma and Pro Forma As |
S-13 of the preliminary prospectus supplement | |
Adjusted Ratio of Earnings |
relating to the offering of the notes, the ratio of | |
to Fixed Charges. |
earnings to fixed charges is 2.53 and 3.24 for the | |
year ended December 31, 2009 and for the nine months | ||
ended September 30, 2010, respectively. |
||
In the Pro forma as adjusted row of the table on | ||
pages S-7 and S-13 of the preliminary prospectus | ||
supplement relating to the offering of the notes, the | ||
ratio of earnings to fixed charges is 2.05 and 2.82 | ||
for the year ended December 31, 2009 and for the nine | ||
months ended September 30, 2010, respectively. In | ||
the last sentence of footnote (1) to such table, If | ||
Vopak were to exercise its tag right, and the issuer | ||
were to finance the incremental purchase price of the | ||
remaining 20% interest in FRBCH from Vopak with a | ||
combination of additional term debt (at an assumed | ||
interest rate equal to the interest rate on the | ||
notes) and LP units and Class B units issued to Vopak | ||
in an amount proportionate to the equity that will be | ||
issued to First Reserve, the issuers pro forma as | ||
adjusted ratio of earnings to fixed charges would be | ||
1.98 and 2.76 for the year ended December 31, 2009 | ||
and for the nine months ended September 30, 2010, | ||
respectively. |
Page 1
CUSIP: |
118230 AJ0 | |
ISIN: |
US118230AJ01 | |
Joint Book-Running Managers: |
Barclays Capital Inc. |
|
SunTrust Robinson Humphrey, Inc. | ||
Co-Managers: |
BNP Paribas Securities Corp. |
|
Deutsche Bank Securities Inc. |
||
RBS Securities Inc. |
||
Wells Fargo Securities, LLC |
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