The multibillion-dollar deal to take Houston-based Buckeye Partners LP (NYSE: BPL) private is about to close. Australia-based IFM Investors' acquisition of the master limited partnership has received all regulatory approvals, Buckeye announced Oct. 21. The purchase price of $41.50 per common unit also represents a 31.9 percent premium to the company’s volume-weighted average unit price since Nov. 1.
Moody's Investors Service ("Moody's") assigned a Ba3 Corporate Family Rating (CFR) and a SGL-3 Speculative Grade Liquidity rating to Buckeye Partners, L.P. (Buckeye), as well as a Ba1 rating to the proposed acquisition related $1.75 billion secured term loan due 2026, $600 million secured revolving facility due 2024 and $500 million secured notes due 2027 (together, secured debt). Buckeye's Baa3 senior unsecured rating and Ba1 junior subordinated notes rating remain on review for downgrade.
Buckeye Partners, L.P. (“Buckeye”) (BPL) today reported that it has now accounted for all employees at its Buckeye Bahamas Hub (BBH) facility and continues its focus on relief and recovery. An initial delivery of supplies and other resources, including food, clothing, hygiene stations, and temporary housing, for those BBH employees and their immediate families in need is commencing, and such support and relief efforts will continue in the days ahead. Given the unprecedented nature of Hurricane Dorian and its devastating impact to the residents of Freeport/Grand Bahama Island, Buckeye has also communicated our commitment to relief efforts to the Government of The Bahamas,” stated Clark C. Smith, Chairman, President and Chief Executive Officer.
“You don’t get a lot of disclosure in terms of what might the secret sauce be for increasing the valuation,” an analyst said. “It’s pretty difficult to know for sure what they’re doing.”
Buckeye Partners, L.P. (BPL) today announced that all regulatory approvals required to complete the acquisition of Buckeye by entities affiliated with the IFM Global Infrastructure Fund previously announced on May 10, 2019 (the “proposed merger”) have been received. The merger agreement relating to the proposed merger and the transactions contemplated thereby were previously approved by the affirmative vote of the holders of a majority of Buckeye’s outstanding limited partner units on July 31, 2019. The completion of the proposed merger is currently expected to occur prior to market opening on Friday, November 1, 2019, subject to the provisions of the merger agreement, including the satisfaction or waiver of customary closing conditions.
Moody's Investors Service, ("Moody's") assigned a B1 rating to Buckeye Partners, L.P.'s (Buckeye) proposed $1 billion unsecured notes due 2025 and 2028. The notes proceeds are expected to be used to tender for $650 million unsecured notes due February 2021, to repay revolver balances, and for general corporate purposes, including acquisitions. Buckeye's other ratings remained unchanged.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Buckeye Partners, L.P. New York, September 16, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Buckeye Partners, L.P. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
IFM Investors Pty Ltd (“IFM”) and Buckeye Partners, L.P. (“Buckeye”) today announced the completion of the acquisition of Buckeye by entities affiliated with IFM, adding one of the largest diversified networks of integrated midstream assets to IFM’s substantial investments in energy infrastructure across North America. Buckeye’s assets include 6,000 miles of pipeline, with over 100 delivery locations and 115 liquid petroleum products terminals with aggregate tank capacity of over 118 million barrels, and a network of marine terminals located primarily in the East and Gulf Coast regions of the United States, as well as in the Caribbean.
Buckeye Partners, L.P. (“Buckeye”) (BPL) today reported that it has partially resumed operations at its Buckeye Bahamas Hub (“BBH”) facility following Hurricane Dorian. BBH is now able to accommodate customer vessels at its inland berths for both loading and unloading of petroleum products. “I would like to commend our Buckeye emergency response teams for their tireless efforts to support our employees and their families during the recovery, as well as staying focused on safely resuming full operations at our Buckeye Bahamas Hub,” said Khalid A. Muslih, Executive Vice President and President of Buckeye’s Global Marine Terminals.
Buckeye Partners, L.P. (“Buckeye”) (BPL) today reported that it resumed full operations at its Buckeye Bahamas Hub (“BBH”) following completion of inspections and necessary repairs of impacts from Hurricane Dorian. “On behalf of the entire company, I want to thank the Buckeye emergency response teams and all of our employees in The Bahamas for their dedicated work to safely restore operations at our Buckeye Bahamas Hub,” said Khalid A. Muslih, Executive Vice President and President of Buckeye’s Global Marine Terminals.
Beryl Capital Management was founded in 2013 by David Alexander Witkin, who is the fund’s CEO and Portfolio Manager as well. David Witkin holds a BA in Economics from Harvard University. Before launching Beryl Capital Management, he held various positions in different companies and funds. He was an arbitrage analyst at Bear Sterns & Company, […]
Outlook for Oil & Gas Pipeline MLP Industry Looks Gloomy
The credit ratings of a substantial number of energy companies in the Americas are currently near the "crossover zone," or the boundary between investment grade and speculative grade, Moody's Investors Service says in a new report. Only seven, however, are in the zone, with potential "rising stars" including US-based exploration and production firm, Anadarko Petroleum and potential "fallen angels" including the Mexican national oil company, PEMEX.
Buckeye Partners L.P. (BPL) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
HOUSTON, March 09, 2020 -- Buckeye Partners, L.P. (“Buckeye”) (NYSE: BPL) announced today that the 2019 unitholder tax packages, which include the schedule K-1, are now.
We are still in an overall bull market and many stocks that smart money investors were piling into surged through October 17th. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 45% and 39% respectively. Hedge funds' top 3 stock picks returned 34.4% this year and beat the S&P […]
DALLAS , Sept. 13, 2019 /PRNewswire/ -- Alerian announced the results of the September quarterly review for the Alerian Index Series. All changes will be implemented as of the close of business on Friday, ...
Rating Action: Moody's downgrades Buckeye's notes to B1; concludes review. Global Credit Research- 04 Nov 2019. New York, November 04, 2019-- Moody's Investors Service downgraded Buckeye Partners, L.P.' ...
Is Buckeye Partners Holdings (BPL) a great pick from the value investor's perspective right now? Read on to know more.
Moody's Investors Service ("Moody's") has withdrawn its Ba1 rating for Buckeye Partners, L.P.'s (Buckeye) proposed $500 million senior secured notes due 2027 following the company's cancellation of that debt offering. Buckeye is instead upsizing its senior secured term loan due 2026 from $1.75 billion to $2.25 billion. The proposed secured debt issuance is part of IFM Global Infrastructure Fund's financing package for its acquisition of Buckeye.