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Buckeye Raises $650M In Note Sale

U.S. petroleum distributor, Buckeye Partners, has raised $650 million in a sale of senior secured notes.

U.S. petroleum distributor, Buckeye Partners,has raised $650 million in a sale of senior secured notes. The proceeds from the offering, which is expected to close on Jan. 13, 2011, may be used by the company to partially fund a its pending acquisition of an 80% interest in Bahamas Oil Refining and for general business purposes.

The bonds, which carry a coupon rate of 4.87%, will mature on Feb. 1, 2021. The joint book-running managers for the sale are Barclays Capital and SunTrust Robinson Humphrey, while BNP Paribas Securities, Deutsche Bank Securities, RBS Securities and Wells Fargo Securities are the co-managers.

Click here for the release from Buckeye.

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