HOUSTON, June 24,
2024 /PRNewswire/ -- Buckeye Partners, L.P.
("Buckeye") today announced the early tender results of its
previously announced offers to purchase for cash (the "Tender
Offers") up to $200.0 million
aggregate principal amount (the "Aggregate Maximum Tender Amount")
of its outstanding 4.350% notes due 2024 (the "2024 Notes") and
4.125% notes due 2025 (the "2025 Notes" and, together with the 2024
Notes, the "Notes"). The Aggregate Maximum Tender Amount is subject
to series caps as set forth in the Offer to Purchase, dated
June 10, 2024 (the "Offer to
Purchase").
Buckeye has been advised that as of 5:00
p.m., New York City time,
on June 24, 2024 (such date and time,
the "Early Tender Date"), $149,917,000 aggregate principal amount of 2024
Notes (the "Tendered 2024 Notes") and $303,797,000 aggregate principal amount of 2025
Notes (the "Tendered 2025 Notes" and, together with the Tendered
2024 Notes, the "Tendered Notes") had been validly tendered (and
not validly withdrawn) pursuant to the Tender Offers. Because the
Tendered Notes exceeded the Aggregate Maximum Tender Amount and the
applicable series cap of each series of Notes, Buckeye expects to
accept the Aggregate Maximum Tender Amount of the Tendered Notes
(which represents a proration factor of approximately 67% for the
2024 Notes and approximately 33% for the 2025 Notes) pursuant to
the Tender Offers. Although the Tender Offers are scheduled to
expire at 5:00 p.m., New York City time, on July 10, 2024, because the Tender Offers were
fully subscribed as of the Early Tender Date, Buckeye does not
expect to accept for purchase any Notes tendered after the Early
Tender Date. Notes tendered and not accepted for purchase will be
promptly returned to the tendering holders as described in the
Offer to Purchase.
Holders of Notes who have validly tendered and not validly
withdrawn their Notes at or prior to the Early Tender Date and
accepted for purchase on a prorated basis as described in the Offer
to Purchase will receive the applicable Total Consideration (as
defined in the Offer to Purchase) for such Notes, which includes
the Early Tender Premium (as defined in the Offer to Purchase). In
addition, with respect to the Notes accepted for purchase, Buckeye
will pay accrued and unpaid interest on the principal amount of
Notes accepted for purchase from the most recent applicable
interest payment date on the Notes to, but not including, the
settlement date.
The consummation of the Tender Offers is not conditioned upon
any minimum amount of Notes being tendered for purchase. However,
each of the Tender Offers is subject to the satisfaction of certain
conditions, including the completion of the offering of not less
than $500.0 million aggregate
principal amount of notes due 2029 (the "New Notes") (such
condition, the "Financing Condition") and certain other customary
conditions. In the event of a termination of the Tender Offers,
neither the applicable consideration will be paid nor will become
payable to the holders of the applicable series of Notes, and the
Notes tendered pursuant to the Tender Offers will be promptly
returned to the tendering holders. Buckeye has the right, in its
sole discretion, to not accept any tenders of Notes for any reason
and to amend or terminate the Tender Offers at any time.
The complete terms and conditions of each Tender Offer is
described in the Offer to Purchase, copies of which may be obtained
from D.F. King & Co., Inc., the tender agent and information
agent, by calling (212) 269-5550 (banks and brokers) or (800)
487-4870 (all others), emailing buckeye@dfking.com or visiting
www.dfking.com/buckeye.
Wells Fargo Securities, LLC is the sole dealer manager for the
Tender Offers. Any questions regarding the terms of the Tender
Offers should be directed to Wells Fargo Securities, LLC by calling
(866) 309-6316 (toll free) or (704) 410-4820 (collect) or by
emailing liabilitymanagement@wellsfargo.com.
This press release is for informational purposes only and does
not constitute an offer to purchase or sell, a solicitation of an
offer to purchase or sell, or a notice of redemption with respect
to any securities, including the Notes or the New Notes. Each
Tender Offer is being made solely by the Offer to Purchase. The
Tender Offers are not being made to holders of Notes in any
jurisdiction in which the making or acceptance thereof would not be
in compliance with the securities, blue sky or other laws of such
jurisdiction. Holders should carefully read the Offer to Purchase
because it contains important information, including the various
terms and conditions of the Tender Offers.
Neither the Offer to Purchase nor any related documents have
been filed with the U.S. Securities and Exchange Commission, nor
have any such documents been filed with or reviewed by any federal
or state securities commission or regulatory authority of any
country. No authority has passed upon the accuracy or adequacy of
the Offer to Purchase or any related documents, and it is unlawful
and may be a criminal offense to make any representation to the
contrary.
About Buckeye
Buckeye is the premier infrastructure and logistics provider for
the world's energy needs, both today and tomorrow.
Buckeye, a wholly owned investment of the IFM Global
Infrastructure Fund, owns and operates a diversified global network
of integrated assets providing midstream infrastructure and
logistic solutions, primarily consisting of the transportation,
storage, processing, and marketing of liquid petroleum products.
Across every aspect of the business – including its over 5,200
miles of owned and active pipeline with more than 130 terminals
located in key global energy hubs with approximately 125 million
barrels of liquid petroleum product storage capacity – Buckeye
focuses on responsibly providing world-class service to meet the
changing energy needs of its customers. As part of this business
priority and commitment to its customers, Buckeye is increasingly
diversifying its platform to advance energy transition initiatives
and decarbonization efforts.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements.
Statements that are not historical facts, including statements
about Buckeye's perspectives and expectations, are forward-looking
statements. This press release includes forward-looking statements
that Buckeye believes to be reasonable as of today's date. All
statements that express belief, expectation, estimates or
intentions, as well as those that are not statements of historical
facts, are forward-looking statements. Such statements use
forward-looking words such as "proposed," "anticipate," "project,"
"potential," "could," "should," "continue," "estimate," "expect,"
"may," "believe," "will," "plan," "seek," "outlook" and other
similar expressions that are intended to identify forward-looking
statements, although some forward-looking statements are expressed
differently. These statements discuss future expectations and
contain projections. The forward-looking statements contained in
this press release speak only as of the date hereof. Although the
expectations in the forward-looking statements are based on
Buckeye's current beliefs and expectations, caution should be taken
not to place undue reliance on any such forward-looking statements
because such statements speak only as of the date hereof. Except as
required by federal and state securities laws, Buckeye undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or any other reason. All forward-looking statements attributable to
Buckeye or any person acting on Buckeye's behalf are expressly
qualified in their entirety by the cautionary statements contained
or referred to in this press release. In light of these risks,
uncertainties and assumptions, the forward-looking events discussed
in this press release may not occur.
Contact:
Spring H.
LeSure
irelations@buckeye.com
View original
content:https://www.prnewswire.com/news-releases/buckeye-partners-announces-early-tender-results-of-tender-offers-for-its-4-350-notes-due-2024-and-4-125-notes-due-2025--302180988.html
SOURCE Buckeye Partners, L.P.